DowBits

Elliot wave rally looks complete on Bitcoin (BTC/USDT)

Short
POLONIEX:BTCUSDT   Bitcoin / Tether USD
BTCUSDT
The wave pattern appears quite clear in this market. With resistance in 2900-3000, looks like the top is in place for BTC. There are two possible scenarios from ElliotWave perspective. First, the final wave (5) has just completed which implies that ABC correction should start. The minimum target for correction would be 38.2% Fibonacci retracement and it could go even deeper to 61.8% retracement which is $1500 mark.
A second possible scenario would be that wave (4) may still not complete and would take even complex pattern however looking into the wave structure the first interpretation looks more likely. In either case, the market is likely to be range bound between 1800-3000 for time being.

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