BitcoinLong
Bitcoin: Predictive Bullish EW Count (assuming 6.1K was bottom)
Assuming 6.1K was a temporary bottom (although, not very convincing considering the volume+TD daily/weekly count)....
Actionary/Impulsive Wave 1 from 6.1k to 6.6K
Corrective Wave 2: 6.6K to 6.3K = .5~.618 Fib Retracement = GOLDEN RATIO almost hit
Thus, I am predicting an actionary wave 3 to reach between 6.75-6.8K (1:1 fib extension AND confluent .382 retracement of entire 7.7K -> 6.1K move down)
OR if it's an extended wave 3, we will reach between 6.9K and 7K (1.38 fib extension AND confluent .50 retracement of entire move down)
IF wave 3 targets are correct, assume a shallow wave 4 zig-zag retracement between .236 and .382 (as Elliot Wave Theory states corrective waves 2 and 4 are typically inverse, we received a deeper correction in Wave 2 (.5-.618) , therefore wave 4 should retrace less)
Wave 5 targets depend whether or not our wave 3 is extended. If it's extended, expect a truncated wave 5. If Wave 3 reaches only first target (6.7-6.8K) expect Wave 5 to reach 6.9-7K
Invalidated if we break below 6.1K
Actionary/Impulsive Wave 1 from 6.1k to 6.6K
Corrective Wave 2: 6.6K to 6.3K = .5~.618 Fib Retracement = GOLDEN RATIO almost hit
Thus, I am predicting an actionary wave 3 to reach between 6.75-6.8K (1:1 fib extension AND confluent .382 retracement of entire 7.7K -> 6.1K move down)
OR if it's an extended wave 3, we will reach between 6.9K and 7K (1.38 fib extension AND confluent .50 retracement of entire move down)
IF wave 3 targets are correct, assume a shallow wave 4 zig-zag retracement between .236 and .382 (as Elliot Wave Theory states corrective waves 2 and 4 are typically inverse, we received a deeper correction in Wave 2 (.5-.618) , therefore wave 4 should retrace less)
Wave 5 targets depend whether or not our wave 3 is extended. If it's extended, expect a truncated wave 5. If Wave 3 reaches only first target (6.7-6.8K) expect Wave 5 to reach 6.9-7K
Invalidated if we break below 6.1K
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