BTC-USD: Back to the ATH from correction in a small wave 2
This has been an interesting week.
A lot of screaming about corrections, crashes, dumping, bitcoin halving precursors, even conspiracies about gigantic billion dollar trades gone sour. All of this for a normal intra-rally correction after a fifth wave finish in Minute degree, that simply needed a correction, because the market goes up in five waves, and retraces in three.
The market performed perfectly according to its Fibonnaci structure and its trend lines. The decline stopped precisely on its lower trend line of the channel since the 38.5 k wave two Intermediate degree end, at which exact point two Fibonnaci tredlines intersected with the 200-period average in the 4H chart.
In the course of not even a day, the market has recovered from a 60794 low to about 68000, where it is pausing now at exactly the 1.618 Fib level of its first wave of recovery, as seen in this chart. This line splits the distance to the ATH exactly in two.
We should expect the fifth wave to repeat the distance of wave three to get back to the top.
A lot of screaming about corrections, crashes, dumping, bitcoin halving precursors, even conspiracies about gigantic billion dollar trades gone sour. All of this for a normal intra-rally correction after a fifth wave finish in Minute degree, that simply needed a correction, because the market goes up in five waves, and retraces in three.
The market performed perfectly according to its Fibonnaci structure and its trend lines. The decline stopped precisely on its lower trend line of the channel since the 38.5 k wave two Intermediate degree end, at which exact point two Fibonnaci tredlines intersected with the 200-period average in the 4H chart.
In the course of not even a day, the market has recovered from a 60794 low to about 68000, where it is pausing now at exactly the 1.618 Fib level of its first wave of recovery, as seen in this chart. This line splits the distance to the ATH exactly in two.
We should expect the fifth wave to repeat the distance of wave three to get back to the top.
People scream and holler about crashes, dumps, demise, pre-halving collapse, etc., but Bitcoin movs on. Its path has been etched in its Elliott wave structure for a year, and the course does not change with no change in fundamentals. The trend is your friend. Bitcoin is a highly trending market.
This market does not just crash, save for black-swan events, without completing major wave sequences in proper order. There is no other reason for corrections other than the completion of a wave sequence, because everything there is to know about the market is reflected in its price. It knew about the ETF potential, and it knows about the halving event for the miners. Therefore there is nothing that is going to happen from it, except that the market is going to accelerate from the worsening supply shock created in the process, just as was planned and programmed by Satoshi Nakamoto.. Don’t believe the wannabe wise guys who are predicting, even calculating the time of crash. Corrections have nothing to do with the halving, and careful Elliott wave analysis of those periods proves this.
That out of the way, the market is now once again in pursuit of a new high, having crossed 70000 already once this morning.