BULLISH 80% Outlook
With my bearish outlook now mostly invalidated (hopefully no Black Swan Event to ignite an M formation on the Weekly), I'm looking to the next potential moves to come for our lord and savior with price projections based around levels of support, potential gartley patterns, Fibonacci and extensions. Price zones are only estimations, but I'm more so looking for the movement shape.
After a nice Elliott wave move to a new peak at 41k I'm looking to complete it's ABCD pullback with a bullish gartley beginning to form. First leg of the ABCD I see a retest of between 37.1 and 36.6 to complete B. Once bear strength fizzles and daily RSI balances out we could then see a small rally in an attempt to make a break passed a quicksand zone between 38.7-39.5 to complete move C.
Potential head and shoulders to form here and bring us back down to between roughly 36.3 and 35.5 by around February 13-16 to complete move D. This would complete the bearish gartley while staying within it's properties.
From here I anticipate the next leg up. My current projection for price is a gunshot to 50k, as this not only lines up with the 2.618 Fib extension of our most recent correction low, but also the 1.618 Fib ext. of the overall BTC correction in general. For me that's the next area before any significant slow in momentum.
We will, however, have checkpoints along the way. I see potential still to experience minor pushback as we approach a retest of previous ATH's, but after that the 1.618 fib ext of our most recent pullback suggests our first checkpoint coincidentally around my lucky number at around 44.4k.
BEARISH: 20% Outlook
In the event of a confirmed M/Double top, I see three possibilities in price before we inevitably break ATH's and continue the climb:
Most likely: 34.4K
Less likely: 33.1K
Least Likely: 30.2K
With my bearish outlook now mostly invalidated (hopefully no Black Swan Event to ignite an M formation on the Weekly), I'm looking to the next potential moves to come for our lord and savior with price projections based around levels of support, potential gartley patterns, Fibonacci and extensions. Price zones are only estimations, but I'm more so looking for the movement shape.
After a nice Elliott wave move to a new peak at 41k I'm looking to complete it's ABCD pullback with a bullish gartley beginning to form. First leg of the ABCD I see a retest of between 37.1 and 36.6 to complete B. Once bear strength fizzles and daily RSI balances out we could then see a small rally in an attempt to make a break passed a quicksand zone between 38.7-39.5 to complete move C.
Potential head and shoulders to form here and bring us back down to between roughly 36.3 and 35.5 by around February 13-16 to complete move D. This would complete the bearish gartley while staying within it's properties.
From here I anticipate the next leg up. My current projection for price is a gunshot to 50k, as this not only lines up with the 2.618 Fib extension of our most recent correction low, but also the 1.618 Fib ext. of the overall BTC correction in general. For me that's the next area before any significant slow in momentum.
We will, however, have checkpoints along the way. I see potential still to experience minor pushback as we approach a retest of previous ATH's, but after that the 1.618 fib ext of our most recent pullback suggests our first checkpoint coincidentally around my lucky number at around 44.4k.
BEARISH: 20% Outlook
In the event of a confirmed M/Double top, I see three possibilities in price before we inevitably break ATH's and continue the climb:
Most likely: 34.4K
Less likely: 33.1K
Least Likely: 30.2K