Hi guys, I posted a similar elliot wave cycle analysis on Oct 21 ( refer to the chart if you like) This is an update from that chart. Bitcoin, I believe now it is in the the 4th impulse wave (which is corrective in nature). Using fibronocci retracement, we can retrace approximately 50% of the 3rd impulse wave, we get about 53K. As we can see, there is also a blue support line also around the 53k area. In the short run, bitcoin might correct to 53k range. Let's extend a fibronocci extension to extrapolate the 5th felliot wave impulse. 100% extrapolation gives around 79k and 1.618 extrapolation gives 96k. Lets see how it plays out. The price action trajectory is based on fibbronocci and elliot wave cycle. There could be many things affecting the result. This is not a financial advice, just for entertainment only.