BITCOIN - Road To 100K 🚀 (Elliott Wave Breakdown)

It's been a little while since we looked at Bitcoin. Our last analysis we were SHORT on Bitcoin until the 30k level which we've now hit (See linked post)

We are in a Flat Correction which is a 3 wave pattern made up of 3 (A) -3 (B) - 5 (C) waves. It appears we're still within Wave C, which is made up of 5 waves. We are currently on the 5th wave, which is also made up of 5subwaves. We are currently on the 3rd subwave.

We're expecting a brief retracement (subwave 4 of wave 5) and then one final dump to around the 20k level (subwave 5 of wave 5). The invalidation level falls nicely in line with the fib extension for Wave A of the bigger Flat Correction. That level looks to be the best area to look for buys.

Once the 4th subwave is in place, it will be easier to draw a trendline, which we can watch for a breakout to get a nice entry!

Trade idea:
- Watch for the 5th subwave back down to around the 20k level
- Draw a trendline using the points for subwave 2 and 4 (once created)
- Entry on breakout of trendline with stops below 20k
- Targets: 68K, 80K, 100K

What do you guys think? Let us know below.

Goodluck and as always, trade safe!

Comment:

Weekly