Bitcoin is completing wave 5 just getting stuck on the 0.236 Fib
I know there is a lot going on with this chart at the moment but if you bare with me I will try and explain what is going on here.
In the chart below you will notice the large Elliott Wave following the downward trend pattern.
As you can see I have moved Wave 5 further down to allow for another test of the $6000 support level. You will also have noticed that we have shown the Elliott Correction Wave within Wave 4 to signal the uptrend of Wave 4.
As you can see from the current chart we have broken the 50-hour moving average, as you will notice that btc is sitting nicely on the 0.236 ($7033) Fib Retracement Line. This Fib line was drawn from the swing high of Wave 2 ending with the swing low of Wave 3
I have also placed a Fib Retracement from the swing low at occurred on 12th of Nov ($5522) to the swing high on the 17th of Dec ($19872). On the larger Fib retracement indicator, I can see that once we hit our Wave 5 target we would've had a 95% retracement from our ATH in December. There will be quite a few people coming out the woodwork to say that they got the 95% correction correct...
Looking back at historical data it makes me wonder if will now fall into a range trading pattern until June/July before having a uptrend in the price of btc. after that the correction than more range trading until end of Oct.
In the chart below you will notice the large Elliott Wave following the downward trend pattern.
As you can see I have moved Wave 5 further down to allow for another test of the $6000 support level. You will also have noticed that we have shown the Elliott Correction Wave within Wave 4 to signal the uptrend of Wave 4.
As you can see from the current chart we have broken the 50-hour moving average, as you will notice that btc is sitting nicely on the 0.236 ($7033) Fib Retracement Line. This Fib line was drawn from the swing high of Wave 2 ending with the swing low of Wave 3
I have also placed a Fib Retracement from the swing low at occurred on 12th of Nov ($5522) to the swing high on the 17th of Dec ($19872). On the larger Fib retracement indicator, I can see that once we hit our Wave 5 target we would've had a 95% retracement from our ATH in December. There will be quite a few people coming out the woodwork to say that they got the 95% correction correct...
Looking back at historical data it makes me wonder if will now fall into a range trading pattern until June/July before having a uptrend in the price of btc. after that the correction than more range trading until end of Oct.
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