MAJOR TIMEFRAME
For Bitcoin it seems like we are about to complete our 4th Wave in the major timeframe. As we can see the 4th Wave is unfolding to be a FLAT corrective structure. Based on ELLIOT WAVE'S theory a FLAT structure is usually in a 3-3-5 Form. We can see that LEG A of the flat completes as a 3 wave pattern and so does LEG B as well. As for LEG C we would be expecting it to unfold in a 5 wave pattern. We are currently in the midst of completing LEG C of the FLAT which also means completing Wave 4 as a whole in the Major timeframe. After that we will be focusing on BUYS to the moon
MINOR TIMEFRAME
As mentioned above we are currently in LEG C of the FLAT corrective structure. For LEG C we anticipate it to complete in a 5 wave move down movement. Based on the current pricing I believe we have just about completed 4 of the 5 required waves down to complete LEG C. Meaning we are in our final wave to the downside for Wave 5 before completing the FLAT structure which would also mean the completion of Wave 4 as a whole
ENTRY AREA
In a 5 wave structure the 5th and the 1st waves are usually about the same length. That would mean our next move down for Wave 5 is expected to be about the same length as its Wave 1 above. However this is just an approximation as Waves at times could do extensions which would then push price a little lower in this case. Another thing to take note about the FLAT structure is that its LEG C usually terminates at the start of its LEG B and most of the time even exceeds it by a little. So expect price to break slightly below the start of LEG B (28700$)
My entry for BUYS would be around (28700$ - 26000$). I'll be holding this untill it breaks the current tops which would be at around 71000$
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