Elliott Wave Analysis - Im calling top at around $10,000
Looks like
BTCUSD
is nearing the completion of wave (1). Typically the structure will correct to fib 38.1% of the entire wave making a termination around wave 4, however it is not uncommon for the retrace to correct up to 100% of wave (1).
Each green box is a potential buying area and are great places to add to your BTC holdings on the way down. This analysis is not saying BTC will correct 'supa dupa' low (its very bullish), but the correction of the first wave is usually the strongest.
You will notice the December low is not labeled as a Wave 1 and 2, but instead a truncated 5th wave of wave (C). Could it be a wave 1 and 2, sure and I have another count for this, but I think we need to wait until a bigger correction is formed further up to confirm.
As this final wave 5 of wave (1) unfolds I will provide further updates.
Thank you for reading and take care.
James
BTCUSD
is nearing the completion of wave (1). Typically the structure will correct to fib 38.1% of the entire wave making a termination around wave 4, however it is not uncommon for the retrace to correct up to 100% of wave (1). Each green box is a potential buying area and are great places to add to your BTC holdings on the way down. This analysis is not saying BTC will correct 'supa dupa' low (its very bullish), but the correction of the first wave is usually the strongest.
You will notice the December low is not labeled as a Wave 1 and 2, but instead a truncated 5th wave of wave (C). Could it be a wave 1 and 2, sure and I have another count for this, but I think we need to wait until a bigger correction is formed further up to confirm.
As this final wave 5 of wave (1) unfolds I will provide further updates.
Thank you for reading and take care.
James