Bitcoin now appears to be in a flat wave 4 of a 5 wave crash structure. If correct the 5th wave could crash down to the 16-17K area in a devastating collapse.
Potential wave 3 respected the 1.618 projection at 35.4K taken from 0,1,2 pivots. Price only wicked through and shows this is likely correct.
Wave 5 target is a 1:1 projection from wave 4 at $16.2K.
(An elliott wave = wave 1-3-5 = 1:1.618:1, so wave 3 taken from wave 1 is a 1:1.618 and wave 5 taken from wave 1 is a 1:1. Also note these are log based fibs)
Also notice there is support in the 16-17K range to add confluence to this projection. Bitcoin has already tested 30K support, so this projection would take price to the next step down.
Wave 4 estimated using fib-time from pivots 0,1,2 projected to the wave completion of 2.618. Wave 5 estimated the same using pivots 1,2,3 to 2.618.
If correct there will likely be a large bounce to follow.
Potential wave 3 respected the 1.618 projection at 35.4K taken from 0,1,2 pivots. Price only wicked through and shows this is likely correct.
Wave 5 target is a 1:1 projection from wave 4 at $16.2K.
(An elliott wave = wave 1-3-5 = 1:1.618:1, so wave 3 taken from wave 1 is a 1:1.618 and wave 5 taken from wave 1 is a 1:1. Also note these are log based fibs)
Also notice there is support in the 16-17K range to add confluence to this projection. Bitcoin has already tested 30K support, so this projection would take price to the next step down.
Wave 4 estimated using fib-time from pivots 0,1,2 projected to the wave completion of 2.618. Wave 5 estimated the same using pivots 1,2,3 to 2.618.
If correct there will likely be a large bounce to follow.
Note
Negative commenters and anyone else are welcome to check my previous projections.Firstly where I called the Bitcoin top back in March -
And when I called the top having passed and a projection back to 20K back in April -
Note
I called this top 2 months ago today when EVERYONE was looking to the stars. ☺Note
There's a lot of talk of bounces so just to reiterate my stance - there will be a very large bounce, but its not going to be here. Price is very regressive, locked in tightening bands and this is very bearish and should lead to another smashing ride down in the elevator for those that dare to be short. Price is not going to grow wings and fly whilst being flushed down the plughole. This is not a bottoming formation, it is a continuation pattern. Following regressive action, price can only muster a big bounce following a heavy capitulation - thats why its called a "bounce," not an impulse.And it will be a big bounce but not a wave 5 moonshot. There is about 0 chance of that happening imo.
Not advice.
Your FA guru can't read a chart💭
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Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Related publications
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.