BTC 4th Wave Done, Working on Its 2nd Wave of the Last Leg up
Before today's super bullish BTC sentiment, many people, including me believed there would be another leg down to complete an A-B-C correction to finish the 4th wave, and we were all targeting around $20,000 area. We believed in that not only because the overall bearish view on the stock market/global economy, but also the 5-3-5 golden rule in Elliot Wave, where we were still aiming another 5 waves down following the pullback to $53,000 on September 6th. However, clearly that's not the case, after today.
We have broken above and stayed well above that $53,000 pullback or 0.65 fib-retracement resistance from the all-time-high at $65,000 to the low at $29,000. Theoretically speaking, as long as the rise stays below $65,000, it's still possible to complete that 5-3-5 correction rule for the 4th wave, then BTC can shoot up for the 5th or the final leg up. But with the extremely bullish sentiment for the past few days, especially while the stock market and traditional investments suffered for various reasons, we can at least say BTC looks very confident to reach back to its all-time-high again. Thus, I believe the 4th wave is finished at $29,000, and we are currently working on the 5th wave.
Currently from the chart, seems like we have finished our 1st wave of the final leg up around $56,000, maybe there will be another small push to $57,000, maybe not. But seems like the 2nd wave pull-back is coming up, especially when the Chinese market has been closed for its national holidays, the pullback could happen when its market reopens. With the fib-retracement from the top to the bottom, the entry point should be around $46,000 to $48,000, at 0.5 to 0.65 Fibonacci points. If BTC can hold strong at that level and no catastrophic news by end of this week, then this scenario seems to have a pretty high probability to play out.
We have broken above and stayed well above that $53,000 pullback or 0.65 fib-retracement resistance from the all-time-high at $65,000 to the low at $29,000. Theoretically speaking, as long as the rise stays below $65,000, it's still possible to complete that 5-3-5 correction rule for the 4th wave, then BTC can shoot up for the 5th or the final leg up. But with the extremely bullish sentiment for the past few days, especially while the stock market and traditional investments suffered for various reasons, we can at least say BTC looks very confident to reach back to its all-time-high again. Thus, I believe the 4th wave is finished at $29,000, and we are currently working on the 5th wave.
Currently from the chart, seems like we have finished our 1st wave of the final leg up around $56,000, maybe there will be another small push to $57,000, maybe not. But seems like the 2nd wave pull-back is coming up, especially when the Chinese market has been closed for its national holidays, the pullback could happen when its market reopens. With the fib-retracement from the top to the bottom, the entry point should be around $46,000 to $48,000, at 0.5 to 0.65 Fibonacci points. If BTC can hold strong at that level and no catastrophic news by end of this week, then this scenario seems to have a pretty high probability to play out.
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