BitcoinLong
BITCOIN TA UPDATE
The chart is full of too many failed impulse waves, therefore, Its very difficult to find an Elliott wave count. Despite this, I believe we are near the end of the correction as a perfect (golden ratio of fib) lies within the apex of two major trend lines. If the chart continues into the apex I expect a big move up or down and will have to be played with caution.
A move down with volume will likely see 5915 as this is a support, however, I expect this to break and move towards the 0.781 fib retracement level, at 5007. This has other supports which increase the likelihood of a bounce here.
To break upwards is difficult to set a target however if you do a 1:1 extension of wave one, an easy target of 26902 in the medium term, however, it took just under 1 year to complete the first wave so by the end of the year is accomplishable. and then 38800 as the target of wave 5.
I usually play the 3rd wave, once the 1st wave up within this 3rd wave is complete and correction complete is when I will set more precise targets for the future.
Watch out for the death cross as this is significant as last time it occurred a downtrend for over a year losing 50%
(55 ema crossing down through the 200 ema)
A move down with volume will likely see 5915 as this is a support, however, I expect this to break and move towards the 0.781 fib retracement level, at 5007. This has other supports which increase the likelihood of a bounce here.
To break upwards is difficult to set a target however if you do a 1:1 extension of wave one, an easy target of 26902 in the medium term, however, it took just under 1 year to complete the first wave so by the end of the year is accomplishable. and then 38800 as the target of wave 5.
I usually play the 3rd wave, once the 1st wave up within this 3rd wave is complete and correction complete is when I will set more precise targets for the future.
Watch out for the death cross as this is significant as last time it occurred a downtrend for over a year losing 50%
(55 ema crossing down through the 200 ema)
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