Let's dive in straight, but before we do, please use this Elliot Wave analysis for educational purposes only, aka Not Financial Advice.
In our previous analysis for
BTCUSD, Elon Musk's Tesla gave bitcoin a titanic push to the upside -- smashing new All Time Highs and my pride along the way.
If ever there was a bright side to anything, it was the confirmation that we have completed our Impulse Wave 5 at the Primary Cycle degree, which simultaneously completes our Impulse Wave III on the larger Cycle degree.
Also, at the smaller Intermediate Cycle degree Wave (5), it is crystal clear that a Bearish Divergence is screaming at us:
As we attempt to understand the ongoing market psyche, we can guesstimate that there simply isn't enough buyers to take bitcoin above $60k while there are more sellers who think it is time to take profits.
Of course, the situation can always flip on itself without a moment's notice.
And now for the bad news.
.. we're hurtling towards $40k, at least in the midterm, where I suspect that that is where the Bulls are camped at.
A masochists might call this a long awaited discount before proceeding to 'buy the dip', but let's just call it a Corrective Wave IV at the Cycle Degree.
Usually a fib retracement of 23.8% to 32.8% occurs during fourth waves, but this definitely isn't a certainty, as Elon Musk has shown us just how powerful his twits can be.
Until then, we wait for confirmation of a Corrective Wave IV to fully play out its time..
.. and if it does as we expect it to..
..IT MEANS WE ARE ON A SUPERCYCLE TOWARDS $90k!!!
At the Super Cycle degree Wave (I), we can expect to see a top towards the end of 2021 as elliot-wave forecasted here:
The usual strength of a fifth wave is either 100% or 161.8% of the sum of the first and third waves. This lents to the thought that we will be heading towards new All Time Highs after this midterm Corrective Wave IV.
These are exciting times indeed for cryptocurrencies as a whole, as we can expect a Target Price of $77.7k to $89.9k then..
.. just don't get me started on 2022 though.
In our previous analysis for
BTCUSD, Elon Musk's Tesla gave bitcoin a titanic push to the upside -- smashing new All Time Highs and my pride along the way.If ever there was a bright side to anything, it was the confirmation that we have completed our Impulse Wave 5 at the Primary Cycle degree, which simultaneously completes our Impulse Wave III on the larger Cycle degree.
Also, at the smaller Intermediate Cycle degree Wave (5), it is crystal clear that a Bearish Divergence is screaming at us:
As we attempt to understand the ongoing market psyche, we can guesstimate that there simply isn't enough buyers to take bitcoin above $60k while there are more sellers who think it is time to take profits.
Of course, the situation can always flip on itself without a moment's notice.
And now for the bad news.
.. we're hurtling towards $40k, at least in the midterm, where I suspect that that is where the Bulls are camped at.
A masochists might call this a long awaited discount before proceeding to 'buy the dip', but let's just call it a Corrective Wave IV at the Cycle Degree.
Usually a fib retracement of 23.8% to 32.8% occurs during fourth waves, but this definitely isn't a certainty, as Elon Musk has shown us just how powerful his twits can be.
Until then, we wait for confirmation of a Corrective Wave IV to fully play out its time..
.. and if it does as we expect it to..
..IT MEANS WE ARE ON A SUPERCYCLE TOWARDS $90k!!!
At the Super Cycle degree Wave (I), we can expect to see a top towards the end of 2021 as elliot-wave forecasted here:
The usual strength of a fifth wave is either 100% or 161.8% of the sum of the first and third waves. This lents to the thought that we will be heading towards new All Time Highs after this midterm Corrective Wave IV.
These are exciting times indeed for cryptocurrencies as a whole, as we can expect a Target Price of $77.7k to $89.9k then..
.. just don't get me started on 2022 though.
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.