Following my idea of bitcoin Wyckoff accumulation, after the TEST phase, we broke the yellow trend line of the descending channel around 47900$ to test the 49500$ resistance and bounced from the Last Point of Support (LPS) around 48000$.
Actually we are in the Sign Of Strength phase (SOS) which serves as confirmation that the price is likely to keep moving up and exit from the accumulation pattern.
From the Elliot waves perspective, we are currently in the wave 3 with a target which can be at 200% or 261,8% of wave 1. I see it at 53700 which is a big resistance with many convergences, especially the spider line.
The wave 4 should be 38,20% retracement of wave 3 with a target around 51-52k$ which can be a big support.
The final target of the wave 5 should be between 55 and 56k, we have many convergences as fib 1,618% of wave 4 and will be equal to wave 1. Also the fib extension of 200%. Looking at the past we have many supports/resistance around 55700$.
After that phase D of Wyckoff accumulation with SOS we can go further with the phase E looking at the 60k$ key level.
Merry Christmas!
I wish you many profits for the next year which will give us many surprises due to economic situation.
Actually we are in the Sign Of Strength phase (SOS) which serves as confirmation that the price is likely to keep moving up and exit from the accumulation pattern.
From the Elliot waves perspective, we are currently in the wave 3 with a target which can be at 200% or 261,8% of wave 1. I see it at 53700 which is a big resistance with many convergences, especially the spider line.
The wave 4 should be 38,20% retracement of wave 3 with a target around 51-52k$ which can be a big support.
The final target of the wave 5 should be between 55 and 56k, we have many convergences as fib 1,618% of wave 4 and will be equal to wave 1. Also the fib extension of 200%. Looking at the past we have many supports/resistance around 55700$.
After that phase D of Wyckoff accumulation with SOS we can go further with the phase E looking at the 60k$ key level.
Merry Christmas!
I wish you many profits for the next year which will give us many surprises due to economic situation.
