BTCUSD
As you all know, we started a Bear Market in Bitcoin in November 2021, around 69k. From there we started a decline in what it looks like an ABC Zigzag Pattern to the Downside, elliottwave-forecast...elliott-wave-theory/ , which consists of 5 waves to the downside, 3 waves to the upside and 5 waves to the downside. Which I will call Primary Wave A (5 waves), Primary Wave B (3 Waves) and Primary Wave C.
As the chart shows, we already trace Primary Wave A and Primary Wave B, and are currently tracing Primary Wave C.
Primary Wave C must also subdivide into 5-waves, and it seems like we already trace Intermediate Wave 1 and 2, and maybe also Intermediate Wave 3, and could be tracing Intermediate Wave 4, before Intermediate Wave 5 begins.
Assuming that Intermediate Wave 3 finished today at around $22,500 USD, which also coincides with the 200-week moving average. The 38.2% Fibonacci Retracement of the entire Intermediate Wave 3 Move would be at about 26k.
So, what I would expect next is a bounce to about 26k, maybe even today, before we continue lower to somewhere between $22,500 to $20,000 USD on Bitcoin this week. Possibly Wednesday morning, because Wednesday morning is the FOMC announcement and interest rate decision.
It is not a recommendation, just what I expect the market to do.
I hope you find this interesting and good luck to you.
The target for Intermediate Wave 4 would be at about 25k.
There is also the possibility that we had bottom already, we’ll see.
Good luck to you.