BTC/USD Wave 2 Bottom (ABC)
Bitcoin Update for Wave 2 on the 30 minute chart
Looks like BTC is on the last leg of the correction (C wave)
Here is my analysis using previous time length, fibonacci retracement + extension & elliott wave
- Only 21.5 hours from wave 5 to correction low(previous waves 2 and 4 corrections have taken roughly 2 days and a half
- B wave hit between 0.5-0.61 fibonacci levels
- C wave targetting 0.61-0.78 extension from A+B which also lines up with the 0.382 level from W1-5 ($8478-$8600)
- Roughly 21.5 hours for A wave to form. This is a rough estimate for C wave
- RSI starting to downtrend
- MACD bearish downtrend + histogram ticking down
**KEEP IN MIND THE 5 WAVES FOR C ARE NOT ACCURATE PROJECTIONS, THEY ARE ONLY TO SHOW THE PATH OF THE 5 WAVES**
However the 5th and final wave for C should be between $8450-$8650 (according to my analysis)
My Prediction: $8450-$8650
Please let me know what you think!
I am always open to feedback, so comments are more than welcomed!
Thank you! :)
*Not financial advice*
Looks like BTC is on the last leg of the correction (C wave)
Here is my analysis using previous time length, fibonacci retracement + extension & elliott wave
- Only 21.5 hours from wave 5 to correction low(previous waves 2 and 4 corrections have taken roughly 2 days and a half
- B wave hit between 0.5-0.61 fibonacci levels
- C wave targetting 0.61-0.78 extension from A+B which also lines up with the 0.382 level from W1-5 ($8478-$8600)
- Roughly 21.5 hours for A wave to form. This is a rough estimate for C wave
- RSI starting to downtrend
- MACD bearish downtrend + histogram ticking down
**KEEP IN MIND THE 5 WAVES FOR C ARE NOT ACCURATE PROJECTIONS, THEY ARE ONLY TO SHOW THE PATH OF THE 5 WAVES**
However the 5th and final wave for C should be between $8450-$8650 (according to my analysis)
My Prediction: $8450-$8650
Please let me know what you think!
I am always open to feedback, so comments are more than welcomed!
Thank you! :)
*Not financial advice*
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