Previously I posted about Bitcoin heading tot $7400 based on EW and Fib targets. I still believe this is the case, however I want to explain my thoughts on the current wave we're in (wave 4), and how I think it will play out.
The 4th wave of EW cycles tend to act differently. Often we will see triangle patterns emerge, and I believe that the same will happen here. As we can see, the price broke out of a rising wedge and has spent the last few days attempting to reach the ATH. Rising wedges are a bearish pattern , and I believe this is no different, and we are currently experiencing a fakeout. If this is in fact the case, then using support lines, as well as fundamental dates BTC Gold, I'm predicting that we could see a bounce off of the $4165 support line. This is also in line with the 4th wave from the rising wedge, which gives me more confidence in this. This is where I expect to see the price head back up to ATH and breakout, heading for $7400
I've seen a few posts from people predicting the price to head to around $5100 now based on this recent EW (the one I've labelled in orange). This is another outcome I believe could happen, however I still believe we will fall back to the area I've marked at $4165 if this does happen.
The 4th wave of EW cycles tend to act differently. Often we will see triangle patterns emerge, and I believe that the same will happen here. As we can see, the price broke out of a rising wedge and has spent the last few days attempting to reach the ATH. Rising wedges are a bearish pattern , and I believe this is no different, and we are currently experiencing a fakeout. If this is in fact the case, then using support lines, as well as fundamental dates BTC Gold, I'm predicting that we could see a bounce off of the $4165 support line. This is also in line with the 4th wave from the rising wedge, which gives me more confidence in this. This is where I expect to see the price head back up to ATH and breakout, heading for $7400
I've seen a few posts from people predicting the price to head to around $5100 now based on this recent EW (the one I've labelled in orange). This is another outcome I believe could happen, however I still believe we will fall back to the area I've marked at $4165 if this does happen.
