micah_trader

micah_trader

From looking at the Elliot Wave count of Bitcoin, I wonder if BTC has really topped yet this cycle. I know most of the news out there is FUD and that we are in a Bear market now for BTC (I previously also assumed we were in a bear market), but from a chart perspective, it looks more like we just finished an ABC correction within the Wave 4 corrective wave.

micah_trader

I had to do some calculations and change the Fib Extension settings to add new Fib Levels, but it looks like XRP actually did a 46.978 extension during its 2nd leg up in 2017-18! Thought that was crazy, and just thought I'd share!

micah_trader

Last market cycle, it took BTC quite a long time to retrace from its previous high. If it were to follow a similar timeframe this market cycle, that would push out the retrace to May of next year (unless it retraced at a similar timeframe from its 1st run in 2021, which would put it finishing the retrace in October of this year. Either way, not a quick timeframe...

micah_trader

This chart shows a the completion of a downward 5 wave Elliot Wave count for Bitcoin, following its ATH in Fall of 2021. The idea is that this could potentially have been the bottom and that we would now be in the beginning of the A Wave of an ABC correction. This wave count appears to follow the Elliot Wave Rules.

micah_trader Updated 

This is a chart showing a potential completion of an Elliot Wave pattern following BTC's ATH in Fall of last year. After the Bull Market cycle has completed the 5th wave, the asset then typically follows a 5-wave downward pattern, with the end of the 5th wave marking the "A" of an ABC correction to the entire Bull run. A smaller ABC correction upward occurs from...