Good afternoon everyone if this is your first BTC run you're probably starting to worry but as every BTC veteran can tell you BIG reversals are normal and are a great OPPORTUNITY.
So lets look to see what the charts tell us. As you can see from the main chart I see an ABC correction is in progress. If you view the ETH cart you can also clearly see that the move from the top was a 5 wave structure, implying an A wave.
So we can see the impulse wave hasn't had much retracement at this point and a 4th wave typically retraces between the .382 and .5 of course BTC typically retraces much more just go back and look at the 2018 bear market to see how deep a 4th wave can retrace.
So you can see how wave 1 and 3 related to the completion of the wave 5, now lets correlate to the larger degree.
So yeah BTC is going to go down this weekend but I'm extremely bullish and expect a run from the low 20k's to a target of 140,000 a 7x target by this fall.
So lets look to see what the charts tell us. As you can see from the main chart I see an ABC correction is in progress. If you view the ETH cart you can also clearly see that the move from the top was a 5 wave structure, implying an A wave.
So we can see the impulse wave hasn't had much retracement at this point and a 4th wave typically retraces between the .382 and .5 of course BTC typically retraces much more just go back and look at the 2018 bear market to see how deep a 4th wave can retrace.
So you can see how wave 1 and 3 related to the completion of the wave 5, now lets correlate to the larger degree.
So yeah BTC is going to go down this weekend but I'm extremely bullish and expect a run from the low 20k's to a target of 140,000 a 7x target by this fall.
Note
Still on a bearish path. Looks like wave 3 has started and we should see a big drop over the next few hours.
Note
Bearish count still intact. Looks like we a completing sub wave 2 of 3. Expect a retrace to the 36400 are for a retest of 55 EMA and the .618. Market looks healthy not a furry of selling. This correction reminds me of the 2017 bull market correction from 3,000 down to 1,800.
Note
Note
That move off the bottom gives me strong indication that we will not see a lower price now. Id expect to see a small retrace here and a push for the top of the triangle.
Note
so not a symmetrical triangle continuation pattern. Looks like we're heading down to the 26,000-23000 area. Fib extensions line up rather nicely for a retrace to the .5-.618. Will have to see where the 3rd falls to get a better idea.
Note
Looks like we are seeing the completion of the 3rd of the 3rd. I'd expect a big push in the 5th once we pop the stops under the 32300 swing low. That 30,000 area still looking good for a 3rd wave completion.
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.