BitcoinLong
BTC to 41K Before Cool Off
BTC On the Weekly time Frame.
BTC has been in a strong Elliot 5 Wave Impulse Move since the start of 2023. Analyzing the Fibonacci Retracement of the first pull back (wave 2) which occurred in March of this year, we can see an almost perfect touch at the .618 level before wave 3 ensued.
In Keeping with the laws of Fibonacci, Wave 3 was the most violent (so far) and ended at the 1.618 Fibonacci Extension - roughly 31KUSD per Bitcoin.
Again further validating that this is a text book Elliot 5 Wave Impulse move, wave 3 was followed by a slow, drawn out Wave 4 which consolidated in a falling wedge formation and respected the top of Wave 1 before making a less violent but still respectable move back to 31K (our most recent push up).
Now standing in the face of Cryptos greatest resistance level to ever exist, I am expecting further consolidation before eventually breaking 31K and stopping at our next and final Fibonacci Extension, the 2.618; Completing the 5th wave of this Macro Move.
Once the target is achieved I anticipate that we will move into an ABC correction and Retrace back to Roughly 25K. Why 25K? When analyzing the structure as one move, a Fibonacci Retracement Tool can be pulled from the Bear Market Bottom, to the 2.618 Level. The .618 Retracement for this entire move lands Bitcoin roughly at 25KUSD per Bitcoin.
This technical analysis is to price scale but not time scale. I cannot predict when 41K will be achieved and when 25K will be achieved.
If this move plays out this will be the perfect set up as the first leg up into the new Bull Market. the pull back to 25K will be the last time to buy before new ATHs (with the exception of a black swan event of course).
I have been tracking this move since March, since my related Ideas.
BTC has been in a strong Elliot 5 Wave Impulse Move since the start of 2023. Analyzing the Fibonacci Retracement of the first pull back (wave 2) which occurred in March of this year, we can see an almost perfect touch at the .618 level before wave 3 ensued.
In Keeping with the laws of Fibonacci, Wave 3 was the most violent (so far) and ended at the 1.618 Fibonacci Extension - roughly 31KUSD per Bitcoin.
Again further validating that this is a text book Elliot 5 Wave Impulse move, wave 3 was followed by a slow, drawn out Wave 4 which consolidated in a falling wedge formation and respected the top of Wave 1 before making a less violent but still respectable move back to 31K (our most recent push up).
Now standing in the face of Cryptos greatest resistance level to ever exist, I am expecting further consolidation before eventually breaking 31K and stopping at our next and final Fibonacci Extension, the 2.618; Completing the 5th wave of this Macro Move.
Once the target is achieved I anticipate that we will move into an ABC correction and Retrace back to Roughly 25K. Why 25K? When analyzing the structure as one move, a Fibonacci Retracement Tool can be pulled from the Bear Market Bottom, to the 2.618 Level. The .618 Retracement for this entire move lands Bitcoin roughly at 25KUSD per Bitcoin.
This technical analysis is to price scale but not time scale. I cannot predict when 41K will be achieved and when 25K will be achieved.
If this move plays out this will be the perfect set up as the first leg up into the new Bull Market. the pull back to 25K will be the last time to buy before new ATHs (with the exception of a black swan event of course).
I have been tracking this move since March, since my related Ideas.
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