Pay Attention - Bitcoin Is Approaching Important Reversal Zone
Bitcoin rally from 28115 low is taking the shape of Elliot Wave five-wave impulse sequence. It's labeled (1)-(2)-(3)-(4)-(5).
The sequence follows the alternation guideline quite well, wave (2) unfolded as an expanded flat, and wave (4) took the shape of a simple zigzag.
According to EW theory, once a five-wave pattern is completed, at least a three-wave correction in the opposite direction will follow it. So, once wave (5) rally is completed we could see a sharp decline. The fifth wave usually finds resistance at the upper boundary of the parallel channel and 61.8 Fib extension.
IMPORTANT NOTE
Targets below wave (4) low around $36453 is plausible for the expected correction. The price must stay above the black support line "The start of the impulse wave" at $28115 for the Bitcoin bullish cycle to continue.
If the price breaches the black line, Bitcoin could be heading for a bigger correction.
What's your view on Bitcoin? Let me know in the comment.
Thanks.
The sequence follows the alternation guideline quite well, wave (2) unfolded as an expanded flat, and wave (4) took the shape of a simple zigzag.
According to EW theory, once a five-wave pattern is completed, at least a three-wave correction in the opposite direction will follow it. So, once wave (5) rally is completed we could see a sharp decline. The fifth wave usually finds resistance at the upper boundary of the parallel channel and 61.8 Fib extension.
IMPORTANT NOTE
Targets below wave (4) low around $36453 is plausible for the expected correction. The price must stay above the black support line "The start of the impulse wave" at $28115 for the Bitcoin bullish cycle to continue.
If the price breaches the black line, Bitcoin could be heading for a bigger correction.
What's your view on Bitcoin? Let me know in the comment.
Thanks.
