I apologize for this chart being a little messy but I wanted to get this out for your review. Using my favorite chart indicators: Elliott 5 wave, Channels & Fibonacci indicate to me that there is one more leg down for BTC which takes us to the 2500 - 2700 area. When this occurs an enormous bull flag has formed which could then take BTC to 10,000 - 13,000. Another basis for one more leg down is that BTC did not capitulate during wave 3 when we saw 3,000 BTC. Get your buy orders ready because there is a huge buying opportunity coming in the next couple of weeks. Watch the price, not time. Looking forward to your thoughts.
Note
We are clearly in wave 5 and lower prices are coming to those who have patience. Below 2700 is the area to buy. Look for very heavy downside volume, then pounce hard on BTC to ride the next huge wave up.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.