BitcoinLong
Bitcoin: Elliott Wave and Fibonacci Analysis
Bitcoin recently completed a 7.5-month correction from Primary Wave 1 to Primary Wave 2. This lengthy consolidation phase has set the stage for a strong impulsive move in Primary Wave 3.
It is unlikely that we are nearing the end of Wave 3 given the recent correction. Instead, Wave 3 appears to be in its middle stages, with significant upside potential.
Key Fibonacci Targets for Wave 3
Based on the chart structure:
2.414 (~143,438 USD): A likely target for Wave 3 if momentum continues.
2.618 (~154,259 USD): A stronger extension for a typical Wave 3 in a bullish market.
3.618 (~207,304 USD): An extreme case if Wave 3 develops parabolically.
Takeaway
Wave 3 is typically the strongest and most impulsive, and the ongoing price action supports the idea of further upside. The correction in Wave 2 has provided the foundation for this move, and Fibonacci levels offer reliable targets to monitor.
Focus on the wave count and Fibonacci levels for guidance! 🚀
It is unlikely that we are nearing the end of Wave 3 given the recent correction. Instead, Wave 3 appears to be in its middle stages, with significant upside potential.
Key Fibonacci Targets for Wave 3
Based on the chart structure:
2.414 (~143,438 USD): A likely target for Wave 3 if momentum continues.
2.618 (~154,259 USD): A stronger extension for a typical Wave 3 in a bullish market.
3.618 (~207,304 USD): An extreme case if Wave 3 develops parabolically.
Takeaway
Wave 3 is typically the strongest and most impulsive, and the ongoing price action supports the idea of further upside. The correction in Wave 2 has provided the foundation for this move, and Fibonacci levels offer reliable targets to monitor.
Focus on the wave count and Fibonacci levels for guidance! 🚀
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