The nature of the Market is to give surprise in a cyclic manner.
When the Bitcoin price is near $70K and everyone, even street sellers are convinced that $100K and the market didn't like it & reversed from there, and today the price is $24500. Is it a new rally or it will crash again? Let's Start to analyze,
Bitcoin from Weekly Chart :
Five Impulses starting from penny to $70k has been completed. we can see beautiful human nature in these entire five waves.
When BTC was in 1st wave (Penny to $24K) it was unpopular but some big investors come to know the valuation of BTC had picked up.
When BTC was in 1st wave (Penny to $24K) it was unpopular but some big investors come to know the valuation of BTC had picked up.
2nd wave was a dramatic 78.6% retracement shown and retailers, Media, etc again talked that BTC will get zero.
3rd wave (3K to 64K ) Bull rally was fast & furious as usual 3rd wave nature. Everyone has Fear of Missing Out and stop loss of sellers hit at all levels.
3rd wave (3K to 64K ) Bull rally was fast & furious as usual 3rd wave nature. Everyone has Fear of Missing Out and stop loss of sellers hit at all levels.
4th wave (64K to 29K) In general after the extended 3rd wave the correction is shallow but here 4th wave and 2nd wave both deep.
5th wave: (29k to 70k) In this wave as per the human nature of FOMO everyone is convinced to $100k BTC by 2022 but the market is not ready & retailers were in the dream of $100k.
Mr. Elliott had said the correction after five Impulse waves are longer and deeper than the prior two corrections (2nd and 4th wave).
As shown in the chart ABC correction
BTC Daily Chart :
After five impulse, ABC Zig-Zag (5-3-5) correction is unfolding. Zig-Zag correction in general deep.
We can see "A" wave correct almost 5th wave
B wave retraced 38.2%(A)
C wave always has five impulses as shown in the Daily chart. So BTC is as per my wave count we are in IV wave. After IV wave we may see final doen leg as Vth Wave.
Where this IV wave will end? Let's zoom to Hourly Frame.
IV wave correction is shown as WXY complex correction. where "W" wave is Flat correction and "Y" wave is unfolding as Zig-Zag correction.
Now "C" wave of "Y" Wave forecast 15 Min :
Now "C" wave of "Y" Wave forecast 15 Min :
If 3rd wave is 100% of wave 1 then $25800 or more than 100% will see the channel line at $26700. I will update as it is growing further.
Only below $22400 this analysis of the "Y" wave will be nullified and we will re-visit the chart.
Main Points:
- BTC will see the final upmove as the "c" wave of the "Y" wave.
- Final down Vth wave from 28k to ( 8.4K - 12k ) may see.
#BTCUSD
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