The past bull run in 2013 has reached its target in wave 5 extending wave 1 by fibonacci factor 2.61 which would lead to a price of around 10700 USD for the top of wave 5 in the current cycle.
The price retraced to the factor 1.61 of wave 1 as a support to form a double top and declined back to the previous low of wave 4 which was tested several times until it broke to give way for lows below the previous ATH.
If history repeats, this would indicate a bounce off 8200 USD to 10000 USD and 5500 USD to 8200 USD and a low of around 2500 USD. With an extended bear market down to the area around 1000 USD. Lots of people will buy around 1300 USD as this is slightly above the last ATH.
If you trade 1 BTC...
Sell 1 BTC @10700
buy 1.3 BTC @8200
sell 1.3 BTC 10000
buy 2.3 BTC @5500
sell 2.3 BTC @8200
buy 7.7 BTC @2500
or buy 15 BTC @1300
Moon!
The price retraced to the factor 1.61 of wave 1 as a support to form a double top and declined back to the previous low of wave 4 which was tested several times until it broke to give way for lows below the previous ATH.
If history repeats, this would indicate a bounce off 8200 USD to 10000 USD and 5500 USD to 8200 USD and a low of around 2500 USD. With an extended bear market down to the area around 1000 USD. Lots of people will buy around 1300 USD as this is slightly above the last ATH.
If you trade 1 BTC...
Sell 1 BTC @10700
buy 1.3 BTC @8200
sell 1.3 BTC 10000
buy 2.3 BTC @5500
sell 2.3 BTC @8200
buy 7.7 BTC @2500
or buy 15 BTC @1300
Moon!
Note
The target of 10750 was the top for now and the price bounced back violently. Let's see if this is final.
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.