BTC seems to have closed wave 4 of the EW structure it began on November 12th. I am now expecting it to move within the channel marked in purple. That already gives us vague indication of where wave 5 could unravel.
So where will it stop? No one knows, but it's very unlikely to exceed 26k because that would break a clear EW count (wave 3 would be the shortest).
The 0.61 Fib extension between waves 2-3-4 is a potential target. More likely though, the 1.00 extension at 24k is a better target because it also matches the 1.00 extension described by points 0-1-2 and is a direct 1.618 extension of the entire move. Time-wise, it also matches a low-to-high cycle of 53-55 days if BTC doesn't break the channel.
My profit target 1 (small): $21.240
My profit target 2 (main): $23.916
These may of course change as I get more clues.
Note: these are just my opinions, please don't consider them financial advice.
So where will it stop? No one knows, but it's very unlikely to exceed 26k because that would break a clear EW count (wave 3 would be the shortest).
The 0.61 Fib extension between waves 2-3-4 is a potential target. More likely though, the 1.00 extension at 24k is a better target because it also matches the 1.00 extension described by points 0-1-2 and is a direct 1.618 extension of the entire move. Time-wise, it also matches a low-to-high cycle of 53-55 days if BTC doesn't break the channel.
My profit target 1 (small): $21.240
My profit target 2 (main): $23.916
These may of course change as I get more clues.
Note: these are just my opinions, please don't consider them financial advice.