The chart above shows a fifth wave extension that ends here with BTC’s fifth wave (See my previous BTC -0.04%post). This fifth wave ends just below the 261.8% extension of wave (3) of ((5)) and wave ((3)). It also hit the 361.8% extension of wave ((1)). Wave ((1)) is nearly exactly equal to wave ((3)). The biggest factor that lead me to this count is the in the fifth wave is larger than the third. This is typical of a fifth wave extension! We are also overbought on the momentum oscillators and are due a retracement.
If this is indeed the end of the fifth wave, we can look at the blue retracement levels for a reversal. We have the which coincides with the end of wave (2) of wave ((5)) which is a typical retracement in a fifth wave extension. At $10.74 we have the target for the formation we are currently in (as shown below) but we need this pattern to be confirmed before we can consider this target. If the pattern is confirmed then I anticipate buyers will be looking at this level for entry.
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As a couple of you noticed, the head and shoulders pattern was never confirmed and instead, the right shoulder and the subsequent rejection of the neckline produced a triangle formation. These usually appear in the 4th wave and I have labelled the wave again considering this. With this update, it shows wave (1) and wave (3) being of equal length (around 50%) so based on this, we should see another rise of at least 50% with more volume. As you can see on the chart, most of our targets line up with the $21.5 with upwards targets of $26. We really need to see some nice volume coming in to reach them heights though.
I am super cautious about this though as we are way over extended on the daily chart and we have the resistance from the all time high ahead. But that hasn't stopped it in the past and there is a lot of FOMO in this coin right now. We need to keep an eye out for reversals at the ATH especially but if we break that with volume we could see this fifth wave extension come into play.