Bitcoin, wave 5 incoming, targeting $6000- $6200 before $5K area
Wave 5 should be same length as wave 1 at a minimum. (which is $408).
So target for wave 5 is from bottom of wave 4 where the blue arrows are +$408.
Target= $6028.
If wave 5 extends to 161% of wave 1, it will be $408x 161% which=$660.
So an extended wave 5 would give us approximately $6250.
Correction after should be to approx 5K area afterwards. Which would be the 382% retracement for a wave 4.
This makes sense because wave 2 was deeper retracement to 786%.
So target for wave 5 is from bottom of wave 4 where the blue arrows are +$408.
Target= $6028.
If wave 5 extends to 161% of wave 1, it will be $408x 161% which=$660.
So an extended wave 5 would give us approximately $6250.
Correction after should be to approx 5K area afterwards. Which would be the 382% retracement for a wave 4.
This makes sense because wave 2 was deeper retracement to 786%.
Trade active:
Hit the target perfectly. Looking pretty bullish still to me. Not much reward vs the risk here though so I will wait for the drop from 6250/6200 and short the re-test, or just short the re-test from here if it continues down.
I will do a zoomed in count and update this idea if I have time later tonight- then we should be able to see how much more upside is left in this move.
Ultimately, be prepared for a large move down, and pick some alt coins to load up on while BTC corrects sideways during this larger wave 4.
My picks are bitcoin cash, Ethereum, XRP, and possibly ADA.
Anything with solid liquidity.
I will do a zoomed in count and update this idea if I have time later tonight- then we should be able to see how much more upside is left in this move.
Ultimately, be prepared for a large move down, and pick some alt coins to load up on while BTC corrects sideways during this larger wave 4.
My picks are bitcoin cash, Ethereum, XRP, and possibly ADA.
Anything with solid liquidity.