There are two variations we can formulate using Elliot
Waves to predict the next wave cycle on bitcoin
. This is a long-term prediction and will ONLY be valid if we can hold the $11,200 mark and clearly breakout above this bearish trend line
. Our next target would be around $13,000 which would complete wave 5. IF and WHEN this does occur, we can safely assume that bitcoin
will continue its upward trend to eventually complete the wave 3 motive phase, with a target somewhere around the $30,000k area.
As an alternative, please refer to my previous Elliot wave
chart which would indicate another significant pullback to complete the correct wave C phase, this will only occur if we do in fact have a massive rejection here at this bearish trend line
is currently struggling to break out of.
Stay tuned for an interesting weekly Elliot Wave
count, the chart can really gives us some great long-term insight.