In my opinion, I think Bitcoin is very close to finishing its wave 4 correction. No one can predict with any real certainty the exact bottom nor does it really matter. That being said, I personally think that Bitcoin will bottom out around $2,817. The bottoming process does not happen over night. A reversal is usually a slow and tedious process. But, there is light at the end of this dark tunnel since the 5th wave is a bullish impulse wave.
In Elliot wave theory, waves 1, 3, and 5 are bullish impulse waves and waves 2 and 4 are corrective waves. It is important to note that the peak of wave 1 cannot be at $290 because wave 4 (labeled wave 2 on the chart) would bleed into wave 1 and that violates the rules in Elliot wave theory.
Therefore, wave 1 was a massive bull run from $.01 to $1,175. Wave 2 corrected to as low as $100 and was a long extended wave which is what we would expect. The price got ****** up during wave 2!
Wave 3 is typically the most violent of the impulse waves. It culminated at a staggering price of $19,891.
Naturally, what followed was a 4th corrective wave. Notice the similarities between wave 2 and wave 4. I personally think that wave 4 will be proportionally equivalent to wave 2 but won't last as long as wave 2.
Who knows what we will see for wave 5 but I am willing to bet on a massive bull run for Bitcoin and alt coins.
Maybe we will see Bitcoin at $86,000 + at the climax of wave 5. You'll definitely want to sell your entire position at the peak of wave 5 because a nasty ABC correction will follow.
In Elliot wave theory, waves 1, 3, and 5 are bullish impulse waves and waves 2 and 4 are corrective waves. It is important to note that the peak of wave 1 cannot be at $290 because wave 4 (labeled wave 2 on the chart) would bleed into wave 1 and that violates the rules in Elliot wave theory.
Therefore, wave 1 was a massive bull run from $.01 to $1,175. Wave 2 corrected to as low as $100 and was a long extended wave which is what we would expect. The price got ****** up during wave 2!
Wave 3 is typically the most violent of the impulse waves. It culminated at a staggering price of $19,891.
Naturally, what followed was a 4th corrective wave. Notice the similarities between wave 2 and wave 4. I personally think that wave 4 will be proportionally equivalent to wave 2 but won't last as long as wave 2.
Who knows what we will see for wave 5 but I am willing to bet on a massive bull run for Bitcoin and alt coins.
Maybe we will see Bitcoin at $86,000 + at the climax of wave 5. You'll definitely want to sell your entire position at the peak of wave 5 because a nasty ABC correction will follow.
Note
We don't need even to predict the peak of wave 5. Simply sell your position when the price hits the red resistance line.
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.