BitcoinLong
Bitcoin Outlook based on Elliott Waves
Updated
I know it's messy but it's not messier than my room, believe me!
I think we are currently going through wave 1, subwave 3. The price will face rejection at around 6160, it'll fall back to around 5810. It will rise again to around 6580 only to get rejected and dive to 5810 again. Subwave B will bring the price back to 6160 & then it will dive back to around 5400. From there, wave 3 begins, which is extended. the price will pick itself up and after facing some rejections at 6160 & 6580, it’ll get to around 6800 and then again another dump to 6160. As per chart, it’ll break 6800 and get pumped to around 7700 which is the end of wave 3 which will result in wave 4 correction to 6800 again.
(don't mind the fib chart on the far left, I forgot to delete it)
I think we are currently going through wave 1, subwave 3. The price will face rejection at around 6160, it'll fall back to around 5810. It will rise again to around 6580 only to get rejected and dive to 5810 again. Subwave B will bring the price back to 6160 & then it will dive back to around 5400. From there, wave 3 begins, which is extended. the price will pick itself up and after facing some rejections at 6160 & 6580, it’ll get to around 6800 and then again another dump to 6160. As per chart, it’ll break 6800 and get pumped to around 7700 which is the end of wave 3 which will result in wave 4 correction to 6800 again.
(don't mind the fib chart on the far left, I forgot to delete it)
Note
Dates are irrelevant in this chart, I only drew the pattern based on price calculations. I think it's gonna take a few months for the pattern to start showing itself. I did not calculate wave 5 with precision. This is valid for the targets of waves 1 to 4.Note
Although I used bitfinex chart, but prices apply to other exchanges as well cause Point 0 which is the base of these calculation was pretty much the same price in other exchanges as well.
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.