BITCOIN 🌈 Fib Extension Target Hit, Now What? 🤷‍♀️

Updated

Story of Elliot Waves and the Mighty Bots.
♟ This game is a wave of possibilities, with Fibonacci ratios revealing probabilities. 🎲

Note

Correction on graphic: WAVE 4: Corrective (not wave 3)

Note

Multi-year Macro View still intact with a possible bounce at $10,040 to $9,780...

Note

A more advanced trader of Elliot Wave Theory pointed out that I calculated the waves incorrectly in my previous post. 😅 This update reflects the rules of the game. 🚨 If you keep buying at the top and selling at the bottom... this explains why! (It also applies to stocks, buying homes, starting businesses, etc... as human behavior moves in economic cycles.)

⬆️WAVE 1: Impulsive
Whales 🐳 with institutional money
buy the price up when news is bad.

👇WAVE 2: Corrective
Whales 🐳 test levels to
confirm Supply is exhausted.

⬆️WAVE 3: Impulsive
Sharks 🦈 who are traders see
the trend change and new flips positive.

👇WAVE 4: Corrective
Sharks 🦈take profits and look
to re-enter at cheaper price in
anticipation of larger profits
in Wave 5.

⬆️WAVE 5: Impulsive
Fish 🐠 who take the bait of
extremely positive news go all in.

💡(After that, Whales and Sharks
exit the market. 🐳🦈💨💨💨)

Note

🚨 Conversely, since we may be at the midpoint of this reversal... this could just be a correction in the middle of a macro downtrend. But my bias is bullish since Bitcoin is above its 200 Daily Moving Average. I find Elliott Wave Theory useful in mapping out possibilities (not probabilities.)

Note

It looks like Whales may be exiting Altcoins and back into Bitcoin as it's Dominance may be reversing from here... this could propel it to to complete Wave 3.

Note

Bitcoin dominance rising, while Altcoin Market Cap declining... shows that traders are no longer taking risks... BUT don't want to lose their Bitcoin position. Yes, looks like we are going into a correction as the parabolic line broke and price is testing Fib Retracement 0.382 ratio at $9750. This line may not hold as "Mainstream" indicators are all bearish.

ChartCinema

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