Bitcoin (BTC) - where is the target for this INSANE pump?
Hello, everyone!
If you will ask me if the bear market finished or not, I answer you that 70% probability yes! Of course I thought that we will see
BTC below 15k, but today's pump can change everything. Even if the bull market has started, Bitcoin will give us a chance to buy it at lower prices, I am sure.
Why I became bullish? This impulsive pump has completely destroyed the potential bearish waves. It means that we should count global waves not on 1D, but on 2D time frame. I wanna suggest you my new Elliott waves counting at the price chart. The previous push from 20k to 30k was the wave 3, not the wave 5. The dump from 30k to 24k does not look like an impulse, it's corrective wave because of multiple sub waves overlapping.
Now BTCUSDT is printing the wave 5. We can see the potential divergence on Awesome Oscillator. When the momentum will reverse, price will print the fractal and squat bar it's would be the wave's finish sign. In conjunction we can wait for the bearish reversal bar with the great angle with the Williams Alligator indicator. The most important here is to define the target area. The minimal target for this wave has been reached at 30k, in this case wave 5 is shortened. This is the only way to continue bear market if price will not go higher. I think it's almost impossible and pump will continue.
Taking all these facts in account we can conclude that bull market has started and this wave will likely be finished at 34k. After that we will see the correction to
25K and bull run continuation, I wanna also point out almost insane target at 40k. if 34k will not stop the price only in this case I am ready to consider this target.
Best regards, Ivan
If you will ask me if the bear market finished or not, I answer you that 70% probability yes! Of course I thought that we will see
BTC below 15k, but today's pump can change everything. Even if the bull market has started, Bitcoin will give us a chance to buy it at lower prices, I am sure. Why I became bullish? This impulsive pump has completely destroyed the potential bearish waves. It means that we should count global waves not on 1D, but on 2D time frame. I wanna suggest you my new Elliott waves counting at the price chart. The previous push from 20k to 30k was the wave 3, not the wave 5. The dump from 30k to 24k does not look like an impulse, it's corrective wave because of multiple sub waves overlapping.
Now BTCUSDT is printing the wave 5. We can see the potential divergence on Awesome Oscillator. When the momentum will reverse, price will print the fractal and squat bar it's would be the wave's finish sign. In conjunction we can wait for the bearish reversal bar with the great angle with the Williams Alligator indicator. The most important here is to define the target area. The minimal target for this wave has been reached at 30k, in this case wave 5 is shortened. This is the only way to continue bear market if price will not go higher. I think it's almost impossible and pump will continue.
Taking all these facts in account we can conclude that bull market has started and this wave will likely be finished at 34k. After that we will see the correction to
25K and bull run continuation, I wanna also point out almost insane target at 40k. if 34k will not stop the price only in this case I am ready to consider this target. Best regards, Ivan
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