My Elliot Wave theory on Bitcoin
Hi all,
Here's my count on Bitcoin, and my thought about the current situation :
BTCUSD
On the long term, prices made a perfect count in five primary waves (three motive and two corrective waves), that build the very first cycle wave.
Currently, we are in the corrective phase, or wave 2 of the cycle. Thiswave 2 is composed by three primary waves, A, B, C.
According to the structure of the current wave (wave A), we are in a Zigzag, a corrective pattern composed by 2 motive waves, A and C. These waves are subdivised by 5, 3 and 5 intermediate waves.
By looking at the chart, we already made 4 intermediate waves and we are now in intermediate wave 5 of primary wave A.
The current target of this final wave is the 161.8% Fibonacci ratio, at 16,665$.
Let's assume that this target is the good one and prices bounce on it, and build primary wave B. This wave is subdivised of three intermediate waves, ((a)), ((b)) and ((c)).
Primary wave B retraces around 50% and 85.4% of primary wave A. (Fibonacci retracement)
Again, the most realistic target is the golden ratio (61.8%). So the top of primary wave B could be at 39,466$.
Finally, prices enter the last primary wave, wave C.
This one have three main objectives, 61.8%, 100% and 123.6% of primary wave A. You have these three targets written on the chart.
It will depend on the market psycology and the strenght of the bears during this phase.
And the end of this pattern would be between fourth quarter of 2023 and first quarter of 2024.
Here's my count on Bitcoin, and my thought about the current situation :
BTCUSDOn the long term, prices made a perfect count in five primary waves (three motive and two corrective waves), that build the very first cycle wave.
Currently, we are in the corrective phase, or wave 2 of the cycle. Thiswave 2 is composed by three primary waves, A, B, C.
According to the structure of the current wave (wave A), we are in a Zigzag, a corrective pattern composed by 2 motive waves, A and C. These waves are subdivised by 5, 3 and 5 intermediate waves.
By looking at the chart, we already made 4 intermediate waves and we are now in intermediate wave 5 of primary wave A.
The current target of this final wave is the 161.8% Fibonacci ratio, at 16,665$.
Let's assume that this target is the good one and prices bounce on it, and build primary wave B. This wave is subdivised of three intermediate waves, ((a)), ((b)) and ((c)).
Primary wave B retraces around 50% and 85.4% of primary wave A. (Fibonacci retracement)
Again, the most realistic target is the golden ratio (61.8%). So the top of primary wave B could be at 39,466$.
Finally, prices enter the last primary wave, wave C.
This one have three main objectives, 61.8%, 100% and 123.6% of primary wave A. You have these three targets written on the chart.
It will depend on the market psycology and the strenght of the bears during this phase.
And the end of this pattern would be between fourth quarter of 2023 and first quarter of 2024.
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