The Most Critical Level For BITCOIN
Finally updated my BTC chart. Bitcoin has finally headed into the golden zone of Fibs and a very cautious supply zone from where it's gonna be moon or doom for the crypto market.
Let's go from bear to bull scenarios and take a deep dive into BTC from an Elliottwave perspective.
Scenario 1: the move up from the 15K bottom is a three-wave move and will get rejected from .618 to complete the partner leg down for the double Zigzag, revisiting 15K or even breaking below to make a new bear market low.
Scenario 2: We reject .618 but get a shallow correction staying way above 15K and then keep moving up in a corrective manner and revisit ATH territory.
Scenario 3: We have a 1-2,1-2 and #BTC is ready to blast off as we are moving into the minor-degree (green) wave-5 which completes the intermediate-degree (orange) wave-1 of the primary-degree (aqua) wave-3. In simple words; TO THE MOON!🚀
Scenario 3 seems most probable right now given the 4 year cycle history of #BTC since its inception. 31K is the invalidation for this count. As long as we keep making higher highs and higher lows and stay away from 31K, it's only moon from here.
Assuming the most bullish case is at play, I have three ideas for the short-term counts.
1) Regular flat correction for minor-degree wave-4
2) A sideways triangle correction for wave 4
3)Or maybe a long sideways double or triple zigzag
Let's go from bear to bull scenarios and take a deep dive into BTC from an Elliottwave perspective.
Scenario 1: the move up from the 15K bottom is a three-wave move and will get rejected from .618 to complete the partner leg down for the double Zigzag, revisiting 15K or even breaking below to make a new bear market low.
Scenario 2: We reject .618 but get a shallow correction staying way above 15K and then keep moving up in a corrective manner and revisit ATH territory.
Scenario 3: We have a 1-2,1-2 and #BTC is ready to blast off as we are moving into the minor-degree (green) wave-5 which completes the intermediate-degree (orange) wave-1 of the primary-degree (aqua) wave-3. In simple words; TO THE MOON!🚀
Scenario 3 seems most probable right now given the 4 year cycle history of #BTC since its inception. 31K is the invalidation for this count. As long as we keep making higher highs and higher lows and stay away from 31K, it's only moon from here.
Assuming the most bullish case is at play, I have three ideas for the short-term counts.
1) Regular flat correction for minor-degree wave-4
2) A sideways triangle correction for wave 4
3)Or maybe a long sideways double or triple zigzag
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