Bitcoin seems destined to correct a healthy 38%, which would lead us to the previous high in January, around $42000. Fibonacci Retrace says this SHOULD happen and I agree for a couple reasons:
1) EMA21 is untouched in 2021 on the 1WEEK chart. We hit this 3 times in 2017 by todays date.
2) Bitcoin historically corrects down to previous high this time of year
3) Because.... Elliott Wave indicates this is where we land.
I will explain:
Waves 1 - 5 shown on the chart is where the ABC correction wave begins. Elliott Wave states we should see Wave A at the 50% or 61.8% of Wave 5 - and it is! Wave A is at the 61.8% level of Wave 5. Magical!
So, where does this leave us now?
Elliott Wave also states that Wave C should end at the 161.8% of Wave B, and guess where this puts us? Same friggin spot as the 38.2% Fibonacci Retrace! 42k - Crazy right?
1) EMA21 is untouched in 2021 on the 1WEEK chart. We hit this 3 times in 2017 by todays date.
2) Bitcoin historically corrects down to previous high this time of year
3) Because.... Elliott Wave indicates this is where we land.
I will explain:
Waves 1 - 5 shown on the chart is where the ABC correction wave begins. Elliott Wave states we should see Wave A at the 50% or 61.8% of Wave 5 - and it is! Wave A is at the 61.8% level of Wave 5. Magical!
So, where does this leave us now?
Elliott Wave also states that Wave C should end at the 161.8% of Wave B, and guess where this puts us? Same friggin spot as the 38.2% Fibonacci Retrace! 42k - Crazy right?
Trade closed: target reached
Well that worked out beautifully...... As long as we turn around here, NO more downward movement! lol.
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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.