BitcoinSingkat
BTC $2700-3500 @ July 2020
Macro Elliot Wave patterns have predicted Bitcoin correcting to 2500-3500 this Summer. My analysis is an extension of this.
The rainbow lines are fibonacci multiples of the logarithmic regression of the price of Bitcoin. Each color corresponds with a specific ratio. From purple to red going up are the positive multiples (0.09, 0.14, 0.236, 0.382, 0.5, 0.618, 0.786, 0.86, 0.9, 1) of the log regression which is the white line in between the two rainbows. Below the white line are the negative multiples of the log regression going in the opposite direction. From purple to red (-0.09, -0.14, -0.236, etc.).
LEFT CHART:
As you can see, Bitcoin is camped right above the white "Zero Line," the unaltered logarithmic regression. On the 15m time frame there is a descending triangle that is squeezing us to test the Zero Line as support. IF that happens we will test 0.09, the gray line, next. In tandem with this, there is a descending aqua blue trend line. If you look at the right hand chart, that is a strong dynamic resistance from June 2019 --> Present.
Using Elliot Wave analysis I believe we will fail at the gray 0.09 level & aqua blue trend line. This will send us into a corrective C Wave.
RIGHT CHART:
Corrective C Waves tend to land at 1.618 extensions. Using the frequently test support of 5800 as a 1.00, the extension to 1.618 falls to ~2700. In conjunction with this, the aqua trend line and the 5800 support form a nice descending triangle that started in January 2018.
PREDICTION:
We are about to test the aqua trend line, the 0.09 gray fibonacci multiple of the log regression, and the 0.618 of the Fib Graph on the right-hand chart. This is a perfect Resistive Trifecta (new term?). All signs point down.
WHAT: Bitcoin
WHERE: $2700 - $3500
WHEN: ~July 2020
The rainbow lines are fibonacci multiples of the logarithmic regression of the price of Bitcoin. Each color corresponds with a specific ratio. From purple to red going up are the positive multiples (0.09, 0.14, 0.236, 0.382, 0.5, 0.618, 0.786, 0.86, 0.9, 1) of the log regression which is the white line in between the two rainbows. Below the white line are the negative multiples of the log regression going in the opposite direction. From purple to red (-0.09, -0.14, -0.236, etc.).
LEFT CHART:
As you can see, Bitcoin is camped right above the white "Zero Line," the unaltered logarithmic regression. On the 15m time frame there is a descending triangle that is squeezing us to test the Zero Line as support. IF that happens we will test 0.09, the gray line, next. In tandem with this, there is a descending aqua blue trend line. If you look at the right hand chart, that is a strong dynamic resistance from June 2019 --> Present.
Using Elliot Wave analysis I believe we will fail at the gray 0.09 level & aqua blue trend line. This will send us into a corrective C Wave.
RIGHT CHART:
Corrective C Waves tend to land at 1.618 extensions. Using the frequently test support of 5800 as a 1.00, the extension to 1.618 falls to ~2700. In conjunction with this, the aqua trend line and the 5800 support form a nice descending triangle that started in January 2018.
PREDICTION:
We are about to test the aqua trend line, the 0.09 gray fibonacci multiple of the log regression, and the 0.618 of the Fib Graph on the right-hand chart. This is a perfect Resistive Trifecta (new term?). All signs point down.
WHAT: Bitcoin
WHERE: $2700 - $3500
WHEN: ~July 2020
Penafian
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