BITCOIN is dropping in wave C of (2) as I had anticipated in my previous post. This is a thrust from a triangle wave B.
Once wave (2) completes the a strong and long move up will ensue. That move should take Bitcoin beyond the previous $19000 high. Be ready to make money!
Bitcoin is doing a wave 4 which may bottom at horizontal trend lines. Once wave 4 completes then wave 5 will take Bitcoin to above $8300.
See my earlier last year post for a strong bull market in bitcoin below. This was a time when almost everyone was passionately bearish on Bitcoin.
Bitcoin is gropping for a bottom in a complex wave II (which might already be in place). Expect a significant move of several multiples of the last major high i.e beyond $19,000. A move above $6500 in the coming months will be key.
#If you know you know.
At $1075 Bitcoin's wave (2) retraced a Fibonacci 78.6% of wave (1) and promptly fell. $913 is wave 1 (colour red) . Bitcoin is currently in red wave 2 which should complete below $1075 i.e $1075 is our resistance line in the sand and should not be broken upwards. Once wave 2 completes then expect Bitcoin to fall sharply in red wave 3. I'll give targets for wave 3...
As can be seen here, bitcoin is rising in wave (2) which should not reach the dashed RED line. That is our line in the sand which, if broken, will require a review of the wave labels.
Wave (1) down ended at $810 (the point marked (1) ). Wave (2), which is composed of red-coloured waves A, B and a developing wave C. This wave (2) appears to be forming an expanded...
As stated in my BITCOIN: BEARISH ON THE MONTHLY CHART analysis, I am bearish long term. However in this Weekly chart, bitcoin is attempting a rally to complete wave (2). I don't expect the dashed RED line to be surpassed to the upside (that would invalidate the wave labels and would require a review of the wave structure). Wave (2) will likely end at $1010 level...