1-2 setup
In the 1-hr chart, using a semi-log scale, bitcoin has completed or about to an impulsive 5 wave count. I will label this as wave 1. It can be seen that this sub-wave 3 of wave 1 demonstrates the strong acceleration relative to sub-wave 1 and 5. It clearly shows a third wave extension of third wave extension in this instance.
One can draw a trend line connecting sub-wave 2 and 4 and draw a parallel line connecting sub-wave 1. This parallel line will cut across sub-wave 3 and then target sub-wave 5. And based on the chart, we have reached the target of sub-wave 5.
From a Elliott wave perspective, sub-wave 3 is 2.618 times of sub-wave 1 and sub-wave 5 is about 1x of sub-wave 1.
A confluence of factors show that we have reached the end of wave 1. A retracement of a corrective wave (abc) to the price of 60-61K USD will be a good price to buy in.
One can draw a trend line connecting sub-wave 2 and 4 and draw a parallel line connecting sub-wave 1. This parallel line will cut across sub-wave 3 and then target sub-wave 5. And based on the chart, we have reached the target of sub-wave 5.
From a Elliott wave perspective, sub-wave 3 is 2.618 times of sub-wave 1 and sub-wave 5 is about 1x of sub-wave 1.
A confluence of factors show that we have reached the end of wave 1. A retracement of a corrective wave (abc) to the price of 60-61K USD will be a good price to buy in.
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