Macro chart on Bitcoin based on Elliot Wave and Fibs. This is illustrating a potential scenario for Bitcoin in 2021 and onwards
- The target for this current 3rd wave would be circa $20.8k. Retail short $20k on the dot, price surges through stopping them out. We spend a few days up there whilst noobs accumulate and buy the break of the ATH. This will be a sell the news type event.
- First stop on the 4th wave down could be $17k followed by a retest of $14k. We have such little previous PA up here that it's hard to get accurate targets, however $16-17k and $14k seem the most likely and significant levels.
- The 5th wave could start and take us up to something like $30k. But by this point it depends on a lot of factors. I don't believe $30k to be anywhere near the final ATH for this 4 year cycle.
- The target for this current 3rd wave would be circa $20.8k. Retail short $20k on the dot, price surges through stopping them out. We spend a few days up there whilst noobs accumulate and buy the break of the ATH. This will be a sell the news type event.
- First stop on the 4th wave down could be $17k followed by a retest of $14k. We have such little previous PA up here that it's hard to get accurate targets, however $16-17k and $14k seem the most likely and significant levels.
- The 5th wave could start and take us up to something like $30k. But by this point it depends on a lot of factors. I don't believe $30k to be anywhere near the final ATH for this 4 year cycle.