Bitcoin in the final stages of impulse wave 5 correction.
Taking a fib over the entire move upwards from mid September, we can see that the elliot wave pattern has pretty much hit each retracement level on the way down:
Point 1 = 0.382
Point 3 = 0.618
Point 4 = 0.5
Point 5 = ???
Point 5 coincidentally matches up with the 0.786 retracement level.
It also matches up with the short term yellow resistance line being formed between points 4 & 5.
My prediction is that we'll therefore hit and plateau around the $6,600 mark, before we begin our next bull run.
However this is just me playing around.... I could be completely wrong.
So trade safe and don't follow blindly.
Taking a fib over the entire move upwards from mid September, we can see that the elliot wave pattern has pretty much hit each retracement level on the way down:
Point 1 = 0.382
Point 3 = 0.618
Point 4 = 0.5
Point 5 = ???
Point 5 coincidentally matches up with the 0.786 retracement level.
It also matches up with the short term yellow resistance line being formed between points 4 & 5.
My prediction is that we'll therefore hit and plateau around the $6,600 mark, before we begin our next bull run.
However this is just me playing around.... I could be completely wrong.
So trade safe and don't follow blindly.
Trade closed: target reached:
We smacked off the $6,6k level as predicted.
Whether we hold this or have another dead cat bounce remains to be seen, as there are a multitude of continuing events in the real world which could positively / negatively affect value:
biggest 1 day drop in traditional stock markets since 2008.
www.bbc.com/news/business-42942921
American SEC / CFTC meeting on the future of crypto regulation in the States.
www.marketwatch.com/...nst-fraud-2018-02-05
Chinese foreign crypto exchange ban.
cointelegraph.com/ne...nter-financial-risks
Trade safe.
Whether we hold this or have another dead cat bounce remains to be seen, as there are a multitude of continuing events in the real world which could positively / negatively affect value:
biggest 1 day drop in traditional stock markets since 2008.
www.bbc.com/news/business-42942921
American SEC / CFTC meeting on the future of crypto regulation in the States.
www.marketwatch.com/...nst-fraud-2018-02-05
Chinese foreign crypto exchange ban.
cointelegraph.com/ne...nter-financial-risks
Trade safe.
Zoom of the final resistance line down to $6,600