Bitcoin - the most likely scenario
Hello, guys!
Nothing did change on the cryptomarket since my last analysis update, that's why I decided to have a rest yesterday. There is also the weekday today on US market, that's why we are seeing the annoyable flat continuation. What is gonna happen next and where is the next target for this pump? Let's go!
On the
BTC price chart we can see that this pump has the clear impulsive structure. In my opinion it's just the wave 1. Now Bitcoin price is finishing the wave 4 inside this wave 1. I think this wave has been ended or almost ended. According to this assumption we can measure the approximate wave 5 target. I usually use the Tom Joseph's methodology. I took the wave 1 distance and measure this value from anticipated wave 4 bottom. Another one figure is 0.61 Fobonacci level from this distance. As a result we obtained the green box as the target area. There I am going to find the bullish reversal bar, MFI squat bar and bearish divergence with Awesome Oscillator to define the wave 5 end.
After that I expect dump is wave 2. This wave has the target at 0.61 Fibonacci level, now it's located at $25800. There we have to be very careful to not sleep on the nice potential pump. If this scenario is gonna be valid the wave 3 has two targets: 1 Fibonacci extension level at $27800 and 1.61 at $29200. It's now gonna be the end of this pump, but after that the potential further growth is gonna be restricted.
Best regards, Ivan
____________________________________________________________
🔥Please, follow me and smash the rocket🚀 button to support me🔥
Nothing did change on the cryptomarket since my last analysis update, that's why I decided to have a rest yesterday. There is also the weekday today on US market, that's why we are seeing the annoyable flat continuation. What is gonna happen next and where is the next target for this pump? Let's go!
On the
BTC price chart we can see that this pump has the clear impulsive structure. In my opinion it's just the wave 1. Now Bitcoin price is finishing the wave 4 inside this wave 1. I think this wave has been ended or almost ended. According to this assumption we can measure the approximate wave 5 target. I usually use the Tom Joseph's methodology. I took the wave 1 distance and measure this value from anticipated wave 4 bottom. Another one figure is 0.61 Fobonacci level from this distance. As a result we obtained the green box as the target area. There I am going to find the bullish reversal bar, MFI squat bar and bearish divergence with Awesome Oscillator to define the wave 5 end. After that I expect dump is wave 2. This wave has the target at 0.61 Fibonacci level, now it's located at $25800. There we have to be very careful to not sleep on the nice potential pump. If this scenario is gonna be valid the wave 3 has two targets: 1 Fibonacci extension level at $27800 and 1.61 at $29200. It's now gonna be the end of this pump, but after that the potential further growth is gonna be restricted.
Best regards, Ivan
____________________________________________________________
🔥Please, follow me and smash the rocket🚀 button to support me🔥
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