BTC in inverse Elliot Wave,Wave C target 12929$ to 16581$ by May
BTCUSD appears to be forming inverse Elliot Wave and we should be currently in wave 5 where the entire market sentiment is negative. As predicted in my another chart recently published, the right shoulder bottom of ongoing BTC H&S pattern is still to be formed and Wave 5 should reach till the range of 6666$-6450$ (linked below) which should form the right shoulder bottom. This would mark the end of current downtrend and beginning of corrective action in the form of ABC pattern.
Once that is completed, wave A should start in which we can target BTC upto 11K $, then correction would happen again marking the start of wave B bringing BTC down to 8972$. Once we reach this, wave C should start which would give us a LONG target of 12929$ to 16581$. All this should be happening by first week of May if not by end of April month.
So Wave C with highly increased volume would mark successful completion of the current H&S pattern going on.
Disclaimer: This is just for informational purpose and not an investment advice. Trade at your own risk.
Once that is completed, wave A should start in which we can target BTC upto 11K $, then correction would happen again marking the start of wave B bringing BTC down to 8972$. Once we reach this, wave C should start which would give us a LONG target of 12929$ to 16581$. All this should be happening by first week of May if not by end of April month.
So Wave C with highly increased volume would mark successful completion of the current H&S pattern going on.
Disclaimer: This is just for informational purpose and not an investment advice. Trade at your own risk.
Comment:
Bitcoin touched my exact prediction of 6666$ today. Now its getting support on the lower trend line I have drawn. If it does not fall below this line and give a signal of reversal to go LONG then we can expect Wave A upwards to begin.
