We need a larger correction if Elliot Wave Theory is going to fit.
Down targets for Elliot Wave are roughly $4300 and $3500. (0.5 and 0.618 retrace since ~$700)
If the Head and Shoulders plays out, it's calculated down target looks to be below $4300.
In the long term, I suspect $4300 a good buy in price should all of this play out. To err on the safe side, I'll start accumulating around $4500.
I've included trend lines which may come into play.
I'm looking for a short term uptrend with Bitcoin until we reach peak of right shoulder.
Happy Trading :)
Down targets for Elliot Wave are roughly $4300 and $3500. (0.5 and 0.618 retrace since ~$700)
If the Head and Shoulders plays out, it's calculated down target looks to be below $4300.
In the long term, I suspect $4300 a good buy in price should all of this play out. To err on the safe side, I'll start accumulating around $4500.
I've included trend lines which may come into play.
I'm looking for a short term uptrend with Bitcoin until we reach peak of right shoulder.
Happy Trading :)
