Update: Bitcoin Potential Wave V Part II
Updated
Hi everyone,
Thank you for considering reading my idea.
This is an update of my previous analysis I posted on May 26.
We have finished the corrective wave ABC from 64K going down to 29K (-54%). Since then, I think we have started the last major wave of this bull market that may take months before we see the blow off top.
If we try to draw a Fibonacci Retracement from the ABC wave (64k high; 29k low), we can see that Bitcoin touched the 0.618 level or the 51K level. We have also broke the 20W MA (red dotted line) where, historically, indicates that we are in the bull trend.
We have finished the wave 1 of 5 as shown in the chart. In this month of September, I expect Bitcoin to test the 20W MA (red dotted line) somewhere around 42K. This is also aligned to our wave 2 of 5, the correction wave ABC. If we also try to draw a Fibonacci Retracement of the wave 1 (29k low; 51k high), we can find support at the 0.382 level at 42K -- though sometimes, we can touch the 0.618 level (37K). Let's see what Bitcoin will do.
Like this idea and follow me for more analysis like this. TAYOR.
Cheers,
Juvs
Thank you for considering reading my idea.
This is an update of my previous analysis I posted on May 26.
We have finished the corrective wave ABC from 64K going down to 29K (-54%). Since then, I think we have started the last major wave of this bull market that may take months before we see the blow off top.
If we try to draw a Fibonacci Retracement from the ABC wave (64k high; 29k low), we can see that Bitcoin touched the 0.618 level or the 51K level. We have also broke the 20W MA (red dotted line) where, historically, indicates that we are in the bull trend.
We have finished the wave 1 of 5 as shown in the chart. In this month of September, I expect Bitcoin to test the 20W MA (red dotted line) somewhere around 42K. This is also aligned to our wave 2 of 5, the correction wave ABC. If we also try to draw a Fibonacci Retracement of the wave 1 (29k low; 51k high), we can find support at the 0.382 level at 42K -- though sometimes, we can touch the 0.618 level (37K). Let's see what Bitcoin will do.
Like this idea and follow me for more analysis like this. TAYOR.
Cheers,
Juvs
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