The rule of alternation in wave 2 and 4 is still questionable with bitcoin. This coming week we could see a rally to $11,600s.
Remember, my wave targets and channels are estimate target levels and are based on Fibonacci and Elliot Wave Principles. They are subject to possible adjustments. Timeframe was not taken into consideration when projecting targets.
DISCLAIMER: THIS IS NOT PROFESSIONAL ADVICE BUT MY PERSONAL REFLECTION OF THE MARKET.
Remember, my wave targets and channels are estimate target levels and are based on Fibonacci and Elliot Wave Principles. They are subject to possible adjustments. Timeframe was not taken into consideration when projecting targets.
DISCLAIMER: THIS IS NOT PROFESSIONAL ADVICE BUT MY PERSONAL REFLECTION OF THE MARKET.
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Wave 2 of 5 went a lot deeper than expected. It bounced back from the .618 fibo level but could head to the .782 fibo level.
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Bitcoin price penetrated the .782 fibo level in wave 2 of 5 but immediately retraced afterwards. A break of the 100 MA could confirm a rally is in play.
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My count was wrong. I failed to realized that wave 5 was already over and that a correction of the whole impulse was laying out. I have made corrections and adjustments in the chart below.
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A bounce at or near the .382, 0.5, 0.618 may happen. I preferred to use 0.618 in case the correction is deep.