I have been following BTC for a while and have tried to understand the dominant trend. Here you can find my ideas:
1. the main major trend is bullish which was triggered in March 2017, when the price was lower than 1k, and developed its first wave to reach the price of almost 20k in Decmber 2017 (marked by (1) in the chart).
2. Since then, the correcting wave has triggered. According to the Elliott's theory the correcting wave could be divided in three sub-waves including a bearish, bullish, and bearish in a row. The first sub-wave got its target in December 2018 which was 3200 (marked by (a) in the chart).
3. The second sub-wave which was a bullish one got its target in Jun 2019 on 14k.
4. Now, BTC is developing its third sub-wave and the correcting major wave, as well. The potential target is marked with a green box in the chart which is the contact point of 0.786 Fib. level, long-term, and mid-term trend lines (marked by (c) and (2) in the chart). The target is around 5k and will be reached in March 2020.
In conclusion, the BTC is developing (1)-(2) wave of the major bullish trend with a target of 5k in March 2020. Thus, for three months from now, any upward movement will be a fake one and the maximum reachable prices are 8k and less-likely 9500.
The quotation is what if the price drop lower than 5k? I think it is less-likely to happen but not impossible and if it happens the BTC will experience a dramatic drop to 3k or even much lower.
I will be appreciated to have your comments about my ideas...
1. the main major trend is bullish which was triggered in March 2017, when the price was lower than 1k, and developed its first wave to reach the price of almost 20k in Decmber 2017 (marked by (1) in the chart).
2. Since then, the correcting wave has triggered. According to the Elliott's theory the correcting wave could be divided in three sub-waves including a bearish, bullish, and bearish in a row. The first sub-wave got its target in December 2018 which was 3200 (marked by (a) in the chart).
3. The second sub-wave which was a bullish one got its target in Jun 2019 on 14k.
4. Now, BTC is developing its third sub-wave and the correcting major wave, as well. The potential target is marked with a green box in the chart which is the contact point of 0.786 Fib. level, long-term, and mid-term trend lines (marked by (c) and (2) in the chart). The target is around 5k and will be reached in March 2020.
In conclusion, the BTC is developing (1)-(2) wave of the major bullish trend with a target of 5k in March 2020. Thus, for three months from now, any upward movement will be a fake one and the maximum reachable prices are 8k and less-likely 9500.
The quotation is what if the price drop lower than 5k? I think it is less-likely to happen but not impossible and if it happens the BTC will experience a dramatic drop to 3k or even much lower.
I will be appreciated to have your comments about my ideas...
