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BTC to Just Under 10k Before Major RetracementBTC is currently in Wave-5, where Wave-1 of this wave is the extended wave, causing waves -3 and -5 to be shorter in relation to it (Wave-3 is about 61.8% of wave-1 and Wave-5 is likely about 61.8% of Wave-3). For extended Wave-1, we see the converging upward angled triangle by connecting the end of waves-1 and -3 as one bounding line and waves-2 and -4 as the other bounding line. In order for this to be valid as it is, we must break the 0-B trendline before crossing the vertical line, which is the equivalent of the length of time Wave-C took to form (must break 0-B trendline in less time than wave-c took to form). I anticipate that my price targets will be fairly accurate, however the time targets are very loose here. You should know when we are in an impulsive series as we will be moving up very fast as usual to my targets, and corrective will be less so. I chose $9950 as my final target and not $10000 because that is the 61.8% fib of Wave-3. Also, seeing how wave-3 ended abruptly short of my $9200 dollar target (strong resistance line from the downward correction before this bullrun), I would not be surprised if this did not actually test 10k, leaving many bulls in total disbelief as it rejects sooner than thought and liquidates many. Retracement after this should likely be significant, so don't be caught in a long at the very top. Additionally, there has been bearish divergence forming very clearly on the AO (Awesome Oscillator) between Waves-1 and -3, which I anticipate will continue through on Wave-5 (will include a screen shot in comments as the chart was getting too crowded with 2 views). Right chart is the green box on the left chart. Good luck everyone! The bullrun is nearly finished.
BITMEX:BTCUSD.PLong
by Korastiz