Did BTC bottom?
Everybody is talking about it but honestly nobody knows. So let’s analyse both scenarios using the Elliott wave theory (*).
A) Yes BTC bottom:
The red Elliott Wave ends with wave 5 somewhere around 3100$ level.
And therefore the Green Elliott Wave (GEW) starts and is on the move to finish its biggest impulsive wave 3. Therefore we need to break 4200-4300 and find confirmation and support above 4200$ level. So no fake-breakout otherwise we might have a look at situation B.
B) No BTC will retest the bottom:
The Yellow Elliott Wave (YEW) is on its way to finish wave 4. So the (GEW) is just a corrective ABC wave.
If that is the case than we might test the 4200-4300 but that is only a false breakout.
So after completing wave 4 of (YEW) we will retest wave 3, the 3100$ range.
And if that happens we need to complete wave 5 that takes us lower to probably 2800$
(*) The Wave points are just to show the likely trend and not accurate price or date points.
This is my first idea post that I wanted to share with you all. Do not consider this as financial advice.
Thanks for your thoughts and feedback.
- Cryptui -
A) Yes BTC bottom:
The red Elliott Wave ends with wave 5 somewhere around 3100$ level.
And therefore the Green Elliott Wave (GEW) starts and is on the move to finish its biggest impulsive wave 3. Therefore we need to break 4200-4300 and find confirmation and support above 4200$ level. So no fake-breakout otherwise we might have a look at situation B.
B) No BTC will retest the bottom:
The Yellow Elliott Wave (YEW) is on its way to finish wave 4. So the (GEW) is just a corrective ABC wave.
If that is the case than we might test the 4200-4300 but that is only a false breakout.
So after completing wave 4 of (YEW) we will retest wave 3, the 3100$ range.
And if that happens we need to complete wave 5 that takes us lower to probably 2800$
(*) The Wave points are just to show the likely trend and not accurate price or date points.
This is my first idea post that I wanted to share with you all. Do not consider this as financial advice.
Thanks for your thoughts and feedback.
- Cryptui -
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