My BTC Bull Hypothesis.
- BTC breached the 200 day MA briefly, and rallied a proper 5 wave impulse. However, the attention to detail is important as we have 2 clear impulse patterns to count here.
- A closer look will show the fib extension targets of 2.618 on the most recent move up, and the larger wave 1 shown with the Elliot wave drawn.
- The lower 2.618 extension marks the top of a wave 3 of the impulse.
- The higher 2.618 coincides with the gap that has yet to be retested up to 53k.
The current corrective move (wave 4) must hold above the following for the hypothesis to remain valid:
- 200 day MA (most important)
- $48356.70 (top of the wave 1)
- $48004 (0.618 retracement of the 3rd wave
Conclusion: Most likely path for BTC is to hold the 48350 level, rally to 53k area, then do a proper correction of that whole move from $45557 to $53kish area. Following this correction, we should see a massive 3rd wave rally back to the high 50ks.
#SeekingConfluence
- BTC breached the 200 day MA briefly, and rallied a proper 5 wave impulse. However, the attention to detail is important as we have 2 clear impulse patterns to count here.
- A closer look will show the fib extension targets of 2.618 on the most recent move up, and the larger wave 1 shown with the Elliot wave drawn.
- The lower 2.618 extension marks the top of a wave 3 of the impulse.
- The higher 2.618 coincides with the gap that has yet to be retested up to 53k.
The current corrective move (wave 4) must hold above the following for the hypothesis to remain valid:
- 200 day MA (most important)
- $48356.70 (top of the wave 1)
- $48004 (0.618 retracement of the 3rd wave
Conclusion: Most likely path for BTC is to hold the 48350 level, rally to 53k area, then do a proper correction of that whole move from $45557 to $53kish area. Following this correction, we should see a massive 3rd wave rally back to the high 50ks.
#SeekingConfluence
