BTC Elliott Wave Variation Targets(x 3.62- 7250-7450 WAVE 3)
Updated
These are some of the variations that bitcoin may choose to follow. So far it has chosen the most bullish path. There are 2-3 additional targets for wave 3:
1. x3.62 *Wave 1: 7250-7450
2. x4.25 *Wave 1: 8000 (also a psychological resistance)
3. x4.62 *Wave 1: 8350-8450
Since the intermediate wave 5 is maximally extended to 2.62, this means that most likely the target for the large wave III will be option 1, or x3.62 (7250-7450).
If this will be the case, there will be a retraction labelled as wave IV, and it's potential targets are:
1. 6350-6500
2. 5750-5850
Otherwise, if the extention is x4.25 or x4.62, there will be different retraction levels for Wave IV, that I will update on if necessary. Wave V targets are labelled, but at this points it is very hard to forecast wave V as it is the riskiest and at some point we might even see a bearish reversal (BITCOIN historically hasn't performed well over the summers).
On the left we have the resistances from the previous highs at 11800. Interestingly enough the 7450(0.5) level coincides with the x3.62 extension and the 8450(0.62) coincides with the 4.62 Wave III extension. Now that we've crossed 6400, these will be the next hard resistances bitcoin will look to break, or retreat from. Remember, bitcoin is still bearish turning into neutral on the weekly. Anything can happen so, comment your wave count and explanation.
If you liked this Elliott wave take on bitcoin, give it a thumbs up and follow for more. There will be plenty of detailed analysis over the summer.
1. x3.62 *Wave 1: 7250-7450
2. x4.25 *Wave 1: 8000 (also a psychological resistance)
3. x4.62 *Wave 1: 8350-8450
Since the intermediate wave 5 is maximally extended to 2.62, this means that most likely the target for the large wave III will be option 1, or x3.62 (7250-7450).
If this will be the case, there will be a retraction labelled as wave IV, and it's potential targets are:
1. 6350-6500
2. 5750-5850
Otherwise, if the extention is x4.25 or x4.62, there will be different retraction levels for Wave IV, that I will update on if necessary. Wave V targets are labelled, but at this points it is very hard to forecast wave V as it is the riskiest and at some point we might even see a bearish reversal (BITCOIN historically hasn't performed well over the summers).
On the left we have the resistances from the previous highs at 11800. Interestingly enough the 7450(0.5) level coincides with the x3.62 extension and the 8450(0.62) coincides with the 4.62 Wave III extension. Now that we've crossed 6400, these will be the next hard resistances bitcoin will look to break, or retreat from. Remember, bitcoin is still bearish turning into neutral on the weekly. Anything can happen so, comment your wave count and explanation.
If you liked this Elliott wave take on bitcoin, give it a thumbs up and follow for more. There will be plenty of detailed analysis over the summer.
Note
The weekly, bearish to neutral cross.
Note
An optional Head & Shoulders that usually forms after 5 wave completion. This is just a far fetched bearish possibility that can occur during the retraction. Obviously, we will the exact structure after the support on wave 4 is established.
Happy trading!
-Step_ahead_ofthemarket
Trade active
Current projection on bitcoin, I think it sums it up nearly perfectly. If 1.62 is the target, we might have a strong retraction tomorrow.
Note
Large spikes in selling volumes, but the price keeps going up. Algorithms aren't allowing any substantial correction.
If the prices closes about 7450 on the daily we might see a run to 8000 or 8450.
Trade closed manually
A tiny surprise that bitcoin topped at 7580 instead of 7450. So I think for any shorts it's time to close them now preferably. Levels 6800-6600 will be crucial, eventually 6550 is the support for Wave 4(the most bullish case).Note
It's time to count wave five. This is just a preliminary analysis, obviously we don't know yet the bottom of wave 4. This is the most bullish scenario. In the next rally for wave 5, bitcoin will be a lot more cautious, so I highly doubt it will extend to 2.62 again. Most likely either 1, 1.27 or 1.62.
Trade active
Soon it will be the time for bulls to make a move. Wave V incoming.
Note
WAVE 3 is still alive. Bullish breakout on the symmetrical triangle from the update above means targets of 8000/8450 are still in play.It's as bullish as it gets. Good job bitcoin, squeezing in all the shorts.
Note
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.