Bitcoin TA from 2010 to 2022 - According to Elliott Wave theory.
Updated
Bitcoin in Dec-2017 made its ATH 19k~ and for the first time Bitcoin has entered in the same zone.
If we look back from 2010 to now-2022, since it entered in a zone of previous ATH never before,
so if we apply Elliott Wave theory to Bitcoin, the current capitulation looks like ABC correction in a larger time frame.
(The time frame of this ABC correction is just my thoughts, may prolong or may shorten).
since there is no negligible rsi formed, so ignored the first bitcoin cycle.
Right now, we are at the end of (12345)-of-wave-A of total ABC correction
I made two probabilities, it's just my personal thoughts not financial advice.
1.based on Elliott Wave theory.
2.based on Momentum/Trend based (looking back past history and predict future). For time being am publishing 1, the 2nd one i will publish later.
a) 12345 of wave-A of total ABC correction- Bitcoin may end up the wave-A at roughly 13700 or 11500.
( i took based on the volume and the downward trend line)
b) abc of wave-B of total ABC correction - Bitcoin may end up the wave-B at max 50k.
(i took this number where bitcoin can go maximum up).
c) 12345 of wave-C of total ABC correction- Bitcoin may end up the wave-C may be from 4000 to 5000.
(i took this number based on maximum volume traded and generally according to Elliott Wave theory, after a 5 wave impulse is done, ABC correction usually end up in the area of wave 4 low.)
If we look back from 2010 to now-2022, since it entered in a zone of previous ATH never before,
so if we apply Elliott Wave theory to Bitcoin, the current capitulation looks like ABC correction in a larger time frame.
(The time frame of this ABC correction is just my thoughts, may prolong or may shorten).
since there is no negligible rsi formed, so ignored the first bitcoin cycle.
Right now, we are at the end of (12345)-of-wave-A of total ABC correction
I made two probabilities, it's just my personal thoughts not financial advice.
1.based on Elliott Wave theory.
2.based on Momentum/Trend based (looking back past history and predict future). For time being am publishing 1, the 2nd one i will publish later.
a) 12345 of wave-A of total ABC correction- Bitcoin may end up the wave-A at roughly 13700 or 11500.
( i took based on the volume and the downward trend line)
b) abc of wave-B of total ABC correction - Bitcoin may end up the wave-B at max 50k.
(i took this number where bitcoin can go maximum up).
c) 12345 of wave-C of total ABC correction- Bitcoin may end up the wave-C may be from 4000 to 5000.
(i took this number based on maximum volume traded and generally according to Elliott Wave theory, after a 5 wave impulse is done, ABC correction usually end up in the area of wave 4 low.)
Note
One important point I want to add to this idea,If we consider year 2022 correction is A wave of ABC correction of whole Bitcoin cycle (from 0 to 68990 usd).
Note1: If we draw Fibonacci from 68990 to 0, we are close to 0.786(14761 usd roughly), so for this one straight leg down and if in case Bitcoin tries to drops once again and puts one more lower low within this month (jan 2023), than there is also a chance that Bitcoin can end up the wave-A above 14761 usd.
Note2: Bitcoin puts Lower low (below 14761) after counter move, may be by the end of year 2023.
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