Hey everyone,
If you're looking to buy in, I believe now would be a good time to do so.
Here's my analysis:
1. Wave 4 stopped just above top of wave 1 (per elliott wave theory it has to). We could technically go down a little bit farther to 8465 before wave 5 starts.
2. Impulse wave 3 - 1:1 ration of Wave 1, therefore wave 5 will most likely be longer than either of the prior impulse waves (1 &3).
3. Wave 5 looks like it will most likely be an extended wave, and hit at least the 1.618 ratio, which also happens to be major resistance at around 11,800.
Consider BTC extremely bullish in general if we break 11,800.
Good luck, and happy trading!
If you're looking to buy in, I believe now would be a good time to do so.
Here's my analysis:
1. Wave 4 stopped just above top of wave 1 (per elliott wave theory it has to). We could technically go down a little bit farther to 8465 before wave 5 starts.
2. Impulse wave 3 - 1:1 ration of Wave 1, therefore wave 5 will most likely be longer than either of the prior impulse waves (1 &3).
3. Wave 5 looks like it will most likely be an extended wave, and hit at least the 1.618 ratio, which also happens to be major resistance at around 11,800.
Consider BTC extremely bullish in general if we break 11,800.
Good luck, and happy trading!