BITCOIN (XBTUSD) ANALYSIS - ELLIOTT WAVE + FIBONACCI
Whats up everyone!
I will show you what to expect in the coming days with an Elliott waves and Fibonacci analysis on Bitcoin.
Lets start with what we have seen the past days. Two days ago we had this big (artificial) pump which took us all the way up to 3960. Everyone was getting excited, but the whales had other plans and pushed us back to 3655 and triggered a lot of stops with this dump. Coincidence or not, this was a retracement of exactly 0.786 fib.
At the moment we are in a correction of the first sub wave up, this first wave brought us back up to 3900, which already hit 0.618 retracement. It is very possible this was only our first (A) wave down and we still need to retrace to 3705 so we hit the 0.786 retracement level in our last (C) wave.
For the coming days it looks positive. I see us hitting 4110 at the very beginning of next year.
Make sure you don't place your stop los to tight, because 'they' are still hunting for them.
Thanks a lot for checking out my post and i will keep you updated in the comments below.
I will show you what to expect in the coming days with an Elliott waves and Fibonacci analysis on Bitcoin.
Lets start with what we have seen the past days. Two days ago we had this big (artificial) pump which took us all the way up to 3960. Everyone was getting excited, but the whales had other plans and pushed us back to 3655 and triggered a lot of stops with this dump. Coincidence or not, this was a retracement of exactly 0.786 fib.
At the moment we are in a correction of the first sub wave up, this first wave brought us back up to 3900, which already hit 0.618 retracement. It is very possible this was only our first (A) wave down and we still need to retrace to 3705 so we hit the 0.786 retracement level in our last (C) wave.
For the coming days it looks positive. I see us hitting 4110 at the very beginning of next year.
Make sure you don't place your stop los to tight, because 'they' are still hunting for them.
Thanks a lot for checking out my post and i will keep you updated in the comments below.
Comment:
The Elliott wave pattern i described matches perfect with the Head & Shoulders pattern:
On the bigger time-frame you can see why we retraced more then our target of 3705. That is because our second wave past the 0.786 Fibonacci level, which i didn't expect.
For the coming ours days their are 2 possibilities as i see it:
1: We get stuck between 3600 and 3900 and make an ABCDE correction
2: We are done correcting (ABC correction) and just made our first wave up which could lead us to 4100 / 4200 in the next days