In recent days the price has moved above the 30 week (200d) EMA for the first time since the bear market began. That is, it's now above $270.
Oscillators: AO has been in the "Spring" phase of the four seasons for 11 straight weeks. Very Bullish. Oscillators: Fisher has crossed above the midline directly from its deep position under the 5th. Bullish.
Scenarios: Scenario A (Red) is dominant now. Scenario B (Blue) and C (White) are severly hurt because the time horizon for the first selloff has been missed.
As long as price stays above $270 and breaks above $300 (local high) the red scenario is dominant. That means, in Elliot wave theory, wave 3 has started. Speculation as to the next high of wave 3 can range as high as: (Wave1Top/Wave1Bot)*(Wave2bot)*1.618 =(1163/2.250)*152.4*1.618 =$127400
That's right, 127K per bitcoin. Possible? Who knows. This is bitcoin.
And more to add to the Oscillators from a bullish standpoint...including longer term PFD's. It would be great if this is the beginning of a larger 3 versus expanding 5. That said, I would use New Year's Eve level of 13.64 for the base level for projection - =(1163/13.64)*152.4*1.618 = 21,024 :-) for completion of larger 3. This would leave room for a larger expanding 5 which fits nicely to the character of bitcoin.
Fontas
⋅
Yes. If $2-1200 was wave 3, wave 5 incoming could hit $21024.