Hey everyone,
so much has been said and re-said and told and discussed around BTC and next moves, i am just going to put in my 2 cents as well.
Even though lots of people talk of BTC having a behaviour difficult to predict, looking at the charts, i see it following a normal pattern that in this case even seems to repeating with slight nuances. The big drop to 6K was expected but this sudden change of trend confused some people but, again, looking at the charts we seem to be following a normal 535 elliot wave.
We are on wave 4, a correction wave on a downtrend, which means is an uptrend wave. If you see closely, waves 1,2 and 3 seem so simetrical that we can estimate that behaviour for waves 4 and 5 won't differ that much.
Waves 1 and 3 were in turn composed each of 5 smaller waves and wave 2 was a classical ABC wave, which seems to be repeating right now in wave 4. And, if so, we can expect a retracement to the 7,7K area, which we can use wave 2 as a reference, since the retracement was 0.618 on the ABC correction. C in this case should then reach between 9K and 9,2K and then we go for our final wave 5.
Wave 5 should be smaller than 3 and 1 due to normal elliot wave rules, but i expect an extension between 0.786 and 1 which would place between 6,7K and 6,4K. And then we can all finally breathe and go on about our lifes as usual :)
Of course this is just an opinion, not an advice. Always do your own research.
Happy tradings all.
so much has been said and re-said and told and discussed around BTC and next moves, i am just going to put in my 2 cents as well.
Even though lots of people talk of BTC having a behaviour difficult to predict, looking at the charts, i see it following a normal pattern that in this case even seems to repeating with slight nuances. The big drop to 6K was expected but this sudden change of trend confused some people but, again, looking at the charts we seem to be following a normal 535 elliot wave.
We are on wave 4, a correction wave on a downtrend, which means is an uptrend wave. If you see closely, waves 1,2 and 3 seem so simetrical that we can estimate that behaviour for waves 4 and 5 won't differ that much.
Waves 1 and 3 were in turn composed each of 5 smaller waves and wave 2 was a classical ABC wave, which seems to be repeating right now in wave 4. And, if so, we can expect a retracement to the 7,7K area, which we can use wave 2 as a reference, since the retracement was 0.618 on the ABC correction. C in this case should then reach between 9K and 9,2K and then we go for our final wave 5.
Wave 5 should be smaller than 3 and 1 due to normal elliot wave rules, but i expect an extension between 0.786 and 1 which would place between 6,7K and 6,4K. And then we can all finally breathe and go on about our lifes as usual :)
Of course this is just an opinion, not an advice. Always do your own research.
Happy tradings all.