Looking at the monthly chart it looks clear to me that Elliot Waves 1,2,3 has been formed, and now that Wave 3 has hit the 1.618 fib level of wave 1 and dipped signals that wave 3 could be over. Meaning a retracement should occur before continuing the 5th wave. This presents a potential buying opportunity at the 0.236 & 0.382 fib levels, the reason why I think the price will bounce at these levels is because since wave 1-2 was a steep retracement (around 0.618) then we should see a shallow retracement of wave 3-4, because many new buyers who missed out on the last impulse wave will eagerly buy in.
If the retracement occurs and it is a shallow retracement of Wave 3 then the retracement should end either at the 0.236 fib ($16.6K) or the 0.382 ($14.6K) fib level. What we do now is patiently wait for this to happen, but in the case price breaks out of 20K and remains above it without faking out, we can consider joining bitcoin !
Not financial advice nor am I responsible for any losses you may incur by following my trading ideas.
Happy Trading
- WineTrader888
If the retracement occurs and it is a shallow retracement of Wave 3 then the retracement should end either at the 0.236 fib ($16.6K) or the 0.382 ($14.6K) fib level. What we do now is patiently wait for this to happen, but in the case price breaks out of 20K and remains above it without faking out, we can consider joining bitcoin !
Not financial advice nor am I responsible for any losses you may incur by following my trading ideas.
Happy Trading
- WineTrader888