Dark blue bar pattern taken from 2013/14.
Pale blue Fibonacci retracement:
0 = $1000
1 = $7000
0.5 = $4000
This placement captures the 1, 3 and 4 waves of the 2017 bull run at 0.33, 0.66 and 0.33 respectively (pale blue arrows).
Light blue Gann fan placed with origin at $1000 in March 2017, and 1/1 at the high of $9000 found this week.
Purple Gann fan placed with origin at $20,000 and 1/1 at the recent high of $9000.
Orange fib time zone placed with 0 at the December 2017 high and 1 at the November 2018 low. The next time point indicated is December 2019.
Elliot wave count suggests that the current point is the B wave in a long term correction. This is supported by a clear 5 wave impulse set during 2017, a 5 wave corrective set during 2019, and the recent impulse would complete a 3 wave ascent. If this count is correct then we can anticipate a 5 wave decent through the C wave.
The 0.236 Fib level at approximately $2500 is suggested as a potential long entry and short target.
2020 could be the year of the Bitcoin Bull.
Pale blue Fibonacci retracement:
0 = $1000
1 = $7000
0.5 = $4000
This placement captures the 1, 3 and 4 waves of the 2017 bull run at 0.33, 0.66 and 0.33 respectively (pale blue arrows).
Light blue Gann fan placed with origin at $1000 in March 2017, and 1/1 at the high of $9000 found this week.
Purple Gann fan placed with origin at $20,000 and 1/1 at the recent high of $9000.
Orange fib time zone placed with 0 at the December 2017 high and 1 at the November 2018 low. The next time point indicated is December 2019.
Elliot wave count suggests that the current point is the B wave in a long term correction. This is supported by a clear 5 wave impulse set during 2017, a 5 wave corrective set during 2019, and the recent impulse would complete a 3 wave ascent. If this count is correct then we can anticipate a 5 wave decent through the C wave.
The 0.236 Fib level at approximately $2500 is suggested as a potential long entry and short target.
2020 could be the year of the Bitcoin Bull.
Note
Note
Correction: The Fibonacci retracement is reversed, which provides a 0.786 level at $2284. This intersects with the time zone and the lowest Gann line (green arrow). This is the potential short target and long entry.
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.
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.