Fasten your seatbelts, in the coming weeks we will have a nasty correction for BTC.
0.5 to 0.618 retracement seems logical from the wave 3.2 to 14K.
As the long vs short ratio is on an all time high.
Everybody is probably high too.
We skipped the recovery run, and are now upwards broken out of the parabolic upwards channel, from now on it will be 80% degrees or more up, to probably 20K or more.
Elliot tells us that we have a couple possibilities.
See the chart.
Let's forget about Elliot and his stupid 12345ABC, forget about heikin Ashi that shows clear trends, forget about the long term trend who's your friend, forget about the mean (the real support of 2011 and 2015), forget about the repeating cycles and their ratio, we are going to the moooooooooooon!
A lot of good things seem to be present in XRP land.
All the corrective elliot waves of the previous bull market look completed, double bottom, 2nd breakout with volume, golden cross on daily chart.
Bullish ascending wedge below the 0.382 from previous high. Momentum picking up.
XRP/BTC is still not broken out, but with the very steep rise of BTC this doesn't...
Reaccumulation for BTC, the great absence of (expected) sell volume in the last 10 days, looks bullish.
All btc is doing is making higher highs and higher lows.
Looks a lot like the 5000-6000 range we recently were going thru.
RSI broke upwards, sell volumes low.