Bitcoin (XBTUSD) update (Elliott Waves + Fibonacci)
Updated
What's up everyone!
Welcome to this Bitcoin update. After going back and forth a dozen of times it looks like Bitcoin is finally showing it's destination.
On a bigger time-frame we are busy correcting from a big A wave down (A). This correction, B wave up (B), will end around 5200.
This correction wont happen over night, it probably will take the next 4 weeks to get there.
So what can we expect more short-term?
In the next 3 - 7 days we are going to test the 4200 / 4250 resistance line which happen to be the end of our 3th wave (3).
After testing this resistance line we can expect a pull-back to around 4000 which is labeled as the 4th wave (4).
The 5th and final wave (5) will take us to the next resistance point of 4400.
I will keep you guys updated.
Hit the like button when you appreciate my analysis and follow me when you want to receive notifications when i update!
Welcome to this Bitcoin update. After going back and forth a dozen of times it looks like Bitcoin is finally showing it's destination.
On a bigger time-frame we are busy correcting from a big A wave down (A). This correction, B wave up (B), will end around 5200.
This correction wont happen over night, it probably will take the next 4 weeks to get there.
So what can we expect more short-term?
In the next 3 - 7 days we are going to test the 4200 / 4250 resistance line which happen to be the end of our 3th wave (3).
After testing this resistance line we can expect a pull-back to around 4000 which is labeled as the 4th wave (4).
The 5th and final wave (5) will take us to the next resistance point of 4400.
I will keep you guys updated.
Hit the like button when you appreciate my analysis and follow me when you want to receive notifications when i update!
Note
Small change in BTC chart. I thought 3th wave had already ended, but we needed one sub wave (5th) to finish.
Therefor i have all reasons to believe we are in a corrective (4th) wave right now.
This 4th wave could take us down to 3980 (0.382 fib. or 3925 (0.5 fib.).
4th waves tend to be long and complicated waves so it could take a while before we get there.
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