Crazy analysis and forecast for bitcoin Bitcoin Chart in my expectation:
- The pattern of cup and handle:
The cup and handle pattern is a bullish continuation pattern often seen in price charts. It consists of a rounded bottom (the cup) followed by a smaller consolidation period (the handle) before a breakout to the upside. The target for the cup and handle pattern is typically measured by adding the depth of the cup to the breakout point of the handle.
the 1st round target is 135000 satoshi
the 2nd round target for the main coup is 265000 satoshi
- Magenta color 5 waves:
it shows that the prices are moving in 5 wave elliott waves.
Elliott Wave Theory is a method of technical analysis that attempts to predict future price movements by identifying repeating patterns in market data. According to this theory, markets move in waves, both upward and downward, in a series of five waves. These waves are further categorized into motive waves (1, 3, and 5) and corrective waves (2 and 4).
The final target for the wave is 135000 satoshi and it matching the 1st round of the main shape formed coup and handle targets for the handle part.
- Blue color 3 Correction waves ABC:
The ABC correction pattern is a fundamental aspect of Elliott Wave Theory and can be found in various time frames and across different financial markets. Traders often use these corrective waves to anticipate potential entry points or to confirm the overall direction of the market trend.
1- Wave A: This is the first wave in the correction sequence and represents the initial move against the trend. In an uptrend, Wave A is a downward move, while in a downtrend, it's an upward move.
2- Wave B: Following Wave A, there is a partial retracement, labeled as Wave B. Wave B typically retraces a portion of the preceding Wave A but does not surpass its starting point.
3- Wave C: Wave C is the final wave in the correction sequence and typically represents the strongest move against the trend. In an uptrend, Wave C is a downward move, often extending beyond the starting point of Wave A. In a downtrend, Wave C is an upward move, again potentially exceeding the starting point of Wave A.
- Main trend in yellow will be the final correction of the blue wave
- Red color 3 Correction waves ABC:
the prices will drop down for the correction area between 27000 to 32000 satoshi and it is the start for the end of this wave by final lvls in between 218000 to 265000 satoshi.
the final red wave target is matching the 2nd round target for the main cup and handle shape 265000.
this will take years to achieve and i am writing this analysis on 5-5-2024.
Thanks for reading and remember these words if we will achieve them
best regards
