BTC/USD ABC Correction Bottom?There have been many different counts for BTC within the past week or so.
I believe it to be an ABC correction still. Noting back to my previous chart i posted, the length of that ABC after the 5th wave was just too short to be a full correction in my opinion.
Here we are with my full count and final wave of the ABC! I believe that we are on the C wave and the final subwave within it.
Using fibonacci extensions and elliott wave to project my targets i managed to come up with 2 very possible targets.
1st Target: The Double Bottom ($8550-$8650)
- Using fibonacci extensions from A & B to establish certain points of support/resistance i found the 78.6% level to be almost exactly the low of the A wave
- This will provide more support at the $8600 level
- Then taking into account the fibonacci extension from subwaves (1) & (2) in the larger C wave i found that subwave (3) hit a perfect extension into the 161.8% - 178.6% pocket
- Usually in Elliott Wave theory when wave 3 hits 161%, we can use the 261% extension as a valid target for wave 5
- If we target the 261% fibonacci level, that brings us to $8628 ($30 off the previous low)
- This creates more confluence and adds support to this area
- For my 1st target i gave it a $100 range between $8550-$8650
2nd Target: The 1:1 Extension ($8270-$8420)
- In Elliott Wave theory, ABC corrections a general guideline for C wave is a 1:1 extension of A
- Using fibonacci extensions from A & B to establish an area for C wave to hit a 1:1 extension of A is around $8351
- In order to hit this area, $BTC will need to break through the previous supports at the $8600 level
- If we see a break past my target 1 projection range, then we will look for the next valid support level which is the 100% fib level at $8351
- Using fibonacci extension from subwaves (1) & (2) in the larger C wave, i found that the 361% extension level was at $8316 ($35 off the A-B 1:1 extension level)
- This provides more confluence to this area
- If wave 5 goes past the 261% extension, our next valid target would be the 361% area
- With these values and confluence found, my 2nd target has a $150 range between $8270-$8420
Please let me know what your opinion is.
If you have any suggestions or feedback, please leave it down below.
*This isn't financial advise, do your own research*
**Once again this is just a price projection so the targeted dates are not accurate**
