Lately I've been holding back on posting, too much speculation and shouting for 10K and 12K. Of course this is still possible, but how likely is it after the last move? All of us instinctively knew that a correction was overdue. Only the always same Crypto-Hype has pushed the Coins - especially the Bitcoin - in the last days more and more upwards. The stock exchanges and institutional investors are pushing this even further. That's no secret either. Basically it was a normal movement that we saw and see.
So what's the situation now?
First, we need to know where we are. What wave is currently running. Here I share the opinion of many that we have now seen the 5th wave. I thought all the time that we had seen a truncated 5th wave, but with yesterday's top at over 9100, the classic 1-2-3-4-5 wave pattern is now also reached. Depending on where we place the fibs, we end up at the top at 3.236 or 5.85. That fits and is plausible.
The good news!
We now have a first wave, should we correct no more than 0.382. In this case we would have a general trend reversal. But I don't see any fundamental sign of that. So the correction will end at 0.382 (5.408), 0.5 (6.116) or 0.618 (6.824). We know exactly how to proceed when the first (A) is completed and (B) is clear. I'll keep you informed. In my opinion we should correct to (C) Fib 0.5 (6.116). This is also my hope to be able to buy some cheap BTC again. But beware, we can only correct to 0.786 (7.832). Yesterday we were already close, but the price was not reached. Therefore, I rather assume that we will correct classically, i.e. 0.5 better 0.382. Interestingly, we see exactly the same formation in 2017, before the big run started. You can see it on the ghost patterns in the background. If everything goes well, those who haven't bought yet will be able to get in cheaply in the next few weeks. Those who have sold in the last few days can further stock up their BTC and Altcoin stock.
Wave 1 leads us up to $100,000.
Why is it so important to know where wave one ends? Quite simply because we can roughly define our long-term goal from this. So if we assume that at 9,100 the top of the wave was 5 and thus wave 1, we can see by means of Fibonacci and Elloit approximately where a top of the very large 1-2-3-4-5 wave pattern is. And here, 100,000 is actually realistic. Please, don't forget with all euphoria that wave 2 has to confirm at 0.382, 0.5 or 0.618. If we go under there a downswing to 2.000 is also possible. However, as I said, this is unlikely because of the current situation. But Bitcoin always remains unpredictable, so always look closely and analyze. Plan every trade carefully.