This is an overview of the Bitcoin. The chart speaks for itself. I am tracking big green wave 4 of a big impuls, which started from a birth of the BTC.
Movement of the price from Nov 2013 to Jan 2015 is the longest consolidation period, so, it must be wave 2. Wave 4, then, will probably has comparable duration. Nevertheless, elliott wave principle states that there are no rules for duration of waves.
The price target of the wave 4 can be somewhere around 4400, I guess, because:
- wave 3 of a previous wave level is there (olive wave 3. Bitcoin in wave 4 usually goes where wave 3 of a previous wave level finished, another example I marked with a green arrow)
- 0,786 fibo level is there
But it is only a prediction. Theoretically, wave 4 can sink up to the end of wave 1. (~1200 in this case)
Also I reflected my wave count on the biggest BTC history I could found. Here it goes: pasteboard.co/HfQIg38.png
The same green waves 1-4, but wave 1 comprised of olive waves 3-5. Olive waves 1 and 2 are absent, because the chart is even before Jul 2010. My assumption is that olive waves 1 and 2, blue waves 1 and 2 are there on that even part of the chart from January 09 to July 10.
By the way, in wave 2 BTC once has already fallen from ~1200 to ~150 what constitutes ~8 times.
Movement of the price from Nov 2013 to Jan 2015 is the longest consolidation period, so, it must be wave 2. Wave 4, then, will probably has comparable duration. Nevertheless, elliott wave principle states that there are no rules for duration of waves.
The price target of the wave 4 can be somewhere around 4400, I guess, because:
- wave 3 of a previous wave level is there (olive wave 3. Bitcoin in wave 4 usually goes where wave 3 of a previous wave level finished, another example I marked with a green arrow)
- 0,786 fibo level is there
But it is only a prediction. Theoretically, wave 4 can sink up to the end of wave 1. (~1200 in this case)
Also I reflected my wave count on the biggest BTC history I could found. Here it goes: pasteboard.co/HfQIg38.png
The same green waves 1-4, but wave 1 comprised of olive waves 3-5. Olive waves 1 and 2 are absent, because the chart is even before Jul 2010. My assumption is that olive waves 1 and 2, blue waves 1 and 2 are there on that even part of the chart from January 09 to July 10.
By the way, in wave 2 BTC once has already fallen from ~1200 to ~150 what constitutes ~8 times.