BTC started ABC correction from the high of 10000. Thanks to Elliott wave theory, I called this corrective wave at 9700 on May 6 and predicted that it would go down in an ABC pattern to around 7845 if it retraced by 61.8% (see the chart below). I correctly identified the start of wave B in a post on May 7 but increased my target to 8700 based on the length of Wave A (see below).
Now BTC appears to have completed five waves of Wave C in between the two targets at around 8400. This value also makes Wave C exactly equal in length to Wave A. It is likely that BTC may go up from here though keep an eye on the nature of waves. If the waves to the upside are corrective rather than impulsive, then BTC can go down further to around 7800 as originally predicted as this price coincides with the 1.62% extension level (i.e. Wave C = 1.62* Wave A).
Stay tuned!
A correction called on May 6
Target updated to on May 7
Now BTC appears to have completed five waves of Wave C in between the two targets at around 8400. This value also makes Wave C exactly equal in length to Wave A. It is likely that BTC may go up from here though keep an eye on the nature of waves. If the waves to the upside are corrective rather than impulsive, then BTC can go down further to around 7800 as originally predicted as this price coincides with the 1.62% extension level (i.e. Wave C = 1.62* Wave A).
Stay tuned!
A correction called on May 6
Target updated to on May 7
