Is a 2500 dollar Bitcoin price still possible.. and how and why could we get there?
This bear case is based on the rules of the Elliott Wave principle.
More specifically a classic zigzag formation, and if i had to make
an unbiased analysis of the correction from the all time high it still
fits the criteria to be labeled as such.
A zigzag correction consists of a five wave down as such: 5-3-5-3-5
to reach point A, followed by a three wave correction 5-3-3 to reach
point B where it i continues the correction with another five waves down
to reach point C.
The zigzag is usually completed when an extension taken from point A
to B reaches a ratio of 1:1.
So where are we now? Well that is the fun of Elliot Wave analysis.
It is often open to inpretation, meaning there a many times where
market movements could be counted in multiple correct ways.
Of course 17K is looking like a very likely target to expect some
significant selling pressure at a perfect 1:1 extension from the 2018 low
and the top of a parallel channel... but could the top already be in?!!
If we assume not the 2018 low is the end of an Elliot Wave correction,
but it made a truncation and a new impulse began at $3341.
Then if we measure a 1:1 extension to point B, the target would already
been hit.
A 1:1 extension from A to B would put BTC around $2500.
I am not saying that i think this scenario is the most likely to play out,
but purely based on technical analysis is still think it is possible.
What do you think?
This bear case is based on the rules of the Elliott Wave principle.
More specifically a classic zigzag formation, and if i had to make
an unbiased analysis of the correction from the all time high it still
fits the criteria to be labeled as such.
A zigzag correction consists of a five wave down as such: 5-3-5-3-5
to reach point A, followed by a three wave correction 5-3-3 to reach
point B where it i continues the correction with another five waves down
to reach point C.
The zigzag is usually completed when an extension taken from point A
to B reaches a ratio of 1:1.
So where are we now? Well that is the fun of Elliot Wave analysis.
It is often open to inpretation, meaning there a many times where
market movements could be counted in multiple correct ways.
Of course 17K is looking like a very likely target to expect some
significant selling pressure at a perfect 1:1 extension from the 2018 low
and the top of a parallel channel... but could the top already be in?!!
If we assume not the 2018 low is the end of an Elliot Wave correction,
but it made a truncation and a new impulse began at $3341.
Then if we measure a 1:1 extension to point B, the target would already
been hit.
A 1:1 extension from A to B would put BTC around $2500.
I am not saying that i think this scenario is the most likely to play out,
but purely based on technical analysis is still think it is possible.
What do you think?