The BITCOIN Correction You May Not Have Seen (Wave B is 29-58k)
Hi Everyone,
I just wanted to shed light on an Elliot/Neo Wave count that I have theorised since finding support at the 43k USD level.
Now hear me out, as this does sound bizarre, however keep in mind that if this wave count is true, it projects an influx of major yet to be seen growth to BTC and is more incredibly bullish with massive upside potential than what price action we have already seen unfold to date.
Lets cut to the chase...
My observations are as follows,
We may have just finished the Wave 4 correction at 43k USD. This correction may not have started at the 58k high though as many are portraying on the charts (I say we have actually completed it). I do believe at this point of time that wave 4 correction may have started at the peak of 42k USD (8th Jan 2021) and has just finished at 43k USD (1st March 2021). This means that the rally that unfolded from 29k to 58k was the 'B' correction wave and if this is the case this indicates extremely bullish future price movement yet to be observed on BTC.
It is my personal opinion that there was a lack of impulsivity during the run from 29k to 58k (yes we did see upward price action however this unfolded with corrective nature in the middle of what should be rapid growth). In the direct dead centre of this 'supposedly impulse' move. We noticed a stretched channel of sideways price movement which has differed to the same corrective behaviour as seen in previous fractal corrections. I see corrective nature unfolding in the dead centre of this wave that majority may turn a blind eye and expected the mass psychology of extreme growth through a wave 3 when making new ATH's. WE DID NOT SEE THIS... The large green candle at the start of wave B was beyond normal price growth as Elon Musk updated his twitter bio to #Bitcoin as we know and caused rapid growth immediately. also the large green candle the following day was when Elon announced an investment of 1.5bn USD in BTC. It's also highly important to note that the sideways price movement of the depicted wave B this was sideways price movement was noticeable prior to the psychological 50K USD price mark.
I have tried to negate this idea and find a logical, clean and a somewhat semi-expected 5 wave count from 29k to 58k however the corrections within this time period do not show the rapid sell off corrections we have seen previously throughout this bull run. The only place we see it occur is in the middle of an impulse wave? We know history doesn't repeat but in BTC's Bull runs we do see a lot of rhyming when bullish price action unfolds and to me this is evident during this period of price action that it shows corrective nature
Invalidation of this idea is if price falls below 43k USD. If this idea is respected, I do expect within very very near future we target the ATH and exponentially grow from there as the large wave B of wave 4 is evidence of 'future price indication' of bullish price movement to come within the next impulse wave (Wave 5) that we may have just commenced and potentially targeting fib levels anywhere from 1.618 ($94'800 USD) through to the 4.236 ($178'000 USD). We will just have to wait and count the fractal waves of BTC as we move along if we do indeed progress higher.
FUN FACT: These hyper bullish corrections are not uncommon and are apart of Glen Neely's Findings when he accurately projected the DOW JONES to grow from what many were expecting a depression or violent correction to occur as there was rapid price growth from August 1987 to Feb 1994 where the DOW grew from 1616 to 3985 points however this was indeed proven to be the large cycle corrective wave when many thought it was an impulse wave.
By the Way, BTC 2017 Bull run had a hyper bullish wave 4 correction very similar to this prior to hitting 20k USD...
Lets watch price action unfold.
Thanks,
Husky
I just wanted to shed light on an Elliot/Neo Wave count that I have theorised since finding support at the 43k USD level.
Now hear me out, as this does sound bizarre, however keep in mind that if this wave count is true, it projects an influx of major yet to be seen growth to BTC and is more incredibly bullish with massive upside potential than what price action we have already seen unfold to date.
Lets cut to the chase...
My observations are as follows,
We may have just finished the Wave 4 correction at 43k USD. This correction may not have started at the 58k high though as many are portraying on the charts (I say we have actually completed it). I do believe at this point of time that wave 4 correction may have started at the peak of 42k USD (8th Jan 2021) and has just finished at 43k USD (1st March 2021). This means that the rally that unfolded from 29k to 58k was the 'B' correction wave and if this is the case this indicates extremely bullish future price movement yet to be observed on BTC.
It is my personal opinion that there was a lack of impulsivity during the run from 29k to 58k (yes we did see upward price action however this unfolded with corrective nature in the middle of what should be rapid growth). In the direct dead centre of this 'supposedly impulse' move. We noticed a stretched channel of sideways price movement which has differed to the same corrective behaviour as seen in previous fractal corrections. I see corrective nature unfolding in the dead centre of this wave that majority may turn a blind eye and expected the mass psychology of extreme growth through a wave 3 when making new ATH's. WE DID NOT SEE THIS... The large green candle at the start of wave B was beyond normal price growth as Elon Musk updated his twitter bio to #Bitcoin as we know and caused rapid growth immediately. also the large green candle the following day was when Elon announced an investment of 1.5bn USD in BTC. It's also highly important to note that the sideways price movement of the depicted wave B this was sideways price movement was noticeable prior to the psychological 50K USD price mark.
I have tried to negate this idea and find a logical, clean and a somewhat semi-expected 5 wave count from 29k to 58k however the corrections within this time period do not show the rapid sell off corrections we have seen previously throughout this bull run. The only place we see it occur is in the middle of an impulse wave? We know history doesn't repeat but in BTC's Bull runs we do see a lot of rhyming when bullish price action unfolds and to me this is evident during this period of price action that it shows corrective nature
Invalidation of this idea is if price falls below 43k USD. If this idea is respected, I do expect within very very near future we target the ATH and exponentially grow from there as the large wave B of wave 4 is evidence of 'future price indication' of bullish price movement to come within the next impulse wave (Wave 5) that we may have just commenced and potentially targeting fib levels anywhere from 1.618 ($94'800 USD) through to the 4.236 ($178'000 USD). We will just have to wait and count the fractal waves of BTC as we move along if we do indeed progress higher.
FUN FACT: These hyper bullish corrections are not uncommon and are apart of Glen Neely's Findings when he accurately projected the DOW JONES to grow from what many were expecting a depression or violent correction to occur as there was rapid price growth from August 1987 to Feb 1994 where the DOW grew from 1616 to 3985 points however this was indeed proven to be the large cycle corrective wave when many thought it was an impulse wave.
By the Way, BTC 2017 Bull run had a hyper bullish wave 4 correction very similar to this prior to hitting 20k USD...
Lets watch price action unfold.
Thanks,
Husky
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.