Establishing Support & Bitcoin Gold (Temporary Bull Scenario)
Here is another scenario where Bitcoin doesn’t correct until after the Bitcoin Gold fork. In this scenario, the buying pressure, possibly due to Bitcoin Gold, is too strong to result in a correction to at leat $5k support, resulting in the correction being postponed until after the Bitcoin Gold fork. If this happens, then we have several possibilities as far as wave 5 extensions. Starting from the lowest to highest we have:
1. Extension to retest ATH of $5880
2. Extension to psychological support of $6000
3. Extension to Fibonacci 1.0 of wave 1 of the broader bullish structure ($6300)
4. Extension to Fibonacci 1.236 of wave 1 of the broader bullish structure ($6571)
5. Extension to Fibonacci 0.618 of waves 1-3 of the broader bullish structure ($6922)
Then from one of these new ATHs, Bitcoin would likely proceed into a full-blown correction back to one of the trend lines, either the medium-term trend line, or long-term trend line. This correction occurring as we inch closer to the Segwit2x fork deadline on November 18, which has the very real possibility of splitting Bitcoin in two.
One thing is almost certain, a deep correction is coming, that will see Bitcoin return to either the medium-term or long-term trend lines. These kinds of recent near-parabolic price movements cannot be maintained indefinitely, especially without establishing supports and an influx of fresh capital.
1. Extension to retest ATH of $5880
2. Extension to psychological support of $6000
3. Extension to Fibonacci 1.0 of wave 1 of the broader bullish structure ($6300)
4. Extension to Fibonacci 1.236 of wave 1 of the broader bullish structure ($6571)
5. Extension to Fibonacci 0.618 of waves 1-3 of the broader bullish structure ($6922)
Then from one of these new ATHs, Bitcoin would likely proceed into a full-blown correction back to one of the trend lines, either the medium-term trend line, or long-term trend line. This correction occurring as we inch closer to the Segwit2x fork deadline on November 18, which has the very real possibility of splitting Bitcoin in two.
One thing is almost certain, a deep correction is coming, that will see Bitcoin return to either the medium-term or long-term trend lines. These kinds of recent near-parabolic price movements cannot be maintained indefinitely, especially without establishing supports and an influx of fresh capital.
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Head and shoulders pattern appearing on the 15 minute time frame. If the neckline is convincingly broken, it could lead to a rapid drop back to $5.6k -$5.7k consolidation area.
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