BitcoinLong
BTCUSD - Elliott Waves Prediction on Weekly Chart (Logarithmic)
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Hi guys,
So I've decided to take a look at Bitcoin's weekly chart with Elliott Waves approach.
I need to mention that I'm considering the pandemic drop, and the following weeks until the price comes back into its original channel, as a slope. Let's take a look as if it never happened.
First, let's take a look at the 4 main rules of Elliott Waves and see if they match this prediction. I'll add a check or uncheck next to each item.
1- Wave 2 can never retrace past wave 1 -- check --
2- Wave 3 can never be the shortest wave -- check --
3- Wave 4 can never retrace past wave 3 -- check --
4- If wave 2 is a flat correction, then wave 4 will be a sharp correction (or vice versa) -- check --
Ok, so we have the basics and main rules of the EW theory is checked.
Now let's take a look at some major "kind of bendable" rules.
A- If wave 3 is the longest (extended), then wave 1 equals to or very close to wave 5 -- this is our prediction --
B- Most of the time, wave 2 fibo retracement matches the wave 4 fibo retracement -- check --
C- Almost all larger frame impulses have subdivided impulses in smaller frames -- check --
So, we might have this theory in place when it comes to larger frame prediction of Bitcoin.
The main rules are intact. A few other rules are also good. If you would like to read more about Elliott Waves principles, here's a nice 6 page PDF that has been published publicly.
researchgate.net/publication/327013331_The_Elliott_Wave_Principle_and_its_Applications_in_Security_Analysis
According to these statements, we must see a weekly close above 35500 area within the next 4-5 weeks.
Take into consider those blue trend lines, that is our main channel.
If we see a break and close below that blue channel on the weekly frame, this whole prediction might easily turn into a garbage because that break below will have the potential of a continuation of the bear market, so the price may move to the top of wave 1 or even below.
Which will ignore this whole schematic because when it comes to EW strategy, at least the main rules shared above must be followed precisely. If one of them is broken, you will need to restart counting waves.
So we consider the pandemic drop as a slope and 3rd wave extended, then we might predict the fifth wave now accordingly.
Most commonly, as stated in rule A, wave 1 will be equal or similar to wave 5. Both in price and, again most commonly, in date aspects too.
Based on this scenario, we have a huge potential of getting to see 100K to 125K by the end of this year or the beginning of 2022.
Feel free to check smaller frames to see if the subdivided impulses and corrections are there. You'll see that they are. And these subdivides are a variety of shapes, patterns etc. all leading to this weekly main strategy.
Looking forward to hearing back from you guys on this prediction and details. Take care.
As always; this is no financial advise of any sort and please DYOR!
Cheers.
So I've decided to take a look at Bitcoin's weekly chart with Elliott Waves approach.
I need to mention that I'm considering the pandemic drop, and the following weeks until the price comes back into its original channel, as a slope. Let's take a look as if it never happened.
First, let's take a look at the 4 main rules of Elliott Waves and see if they match this prediction. I'll add a check or uncheck next to each item.
1- Wave 2 can never retrace past wave 1 -- check --
2- Wave 3 can never be the shortest wave -- check --
3- Wave 4 can never retrace past wave 3 -- check --
4- If wave 2 is a flat correction, then wave 4 will be a sharp correction (or vice versa) -- check --
Ok, so we have the basics and main rules of the EW theory is checked.
Now let's take a look at some major "kind of bendable" rules.
A- If wave 3 is the longest (extended), then wave 1 equals to or very close to wave 5 -- this is our prediction --
B- Most of the time, wave 2 fibo retracement matches the wave 4 fibo retracement -- check --
C- Almost all larger frame impulses have subdivided impulses in smaller frames -- check --
So, we might have this theory in place when it comes to larger frame prediction of Bitcoin.
The main rules are intact. A few other rules are also good. If you would like to read more about Elliott Waves principles, here's a nice 6 page PDF that has been published publicly.
researchgate.net/publication/327013331_The_Elliott_Wave_Principle_and_its_Applications_in_Security_Analysis
According to these statements, we must see a weekly close above 35500 area within the next 4-5 weeks.
Take into consider those blue trend lines, that is our main channel.
If we see a break and close below that blue channel on the weekly frame, this whole prediction might easily turn into a garbage because that break below will have the potential of a continuation of the bear market, so the price may move to the top of wave 1 or even below.
Which will ignore this whole schematic because when it comes to EW strategy, at least the main rules shared above must be followed precisely. If one of them is broken, you will need to restart counting waves.
So we consider the pandemic drop as a slope and 3rd wave extended, then we might predict the fifth wave now accordingly.
Most commonly, as stated in rule A, wave 1 will be equal or similar to wave 5. Both in price and, again most commonly, in date aspects too.
Based on this scenario, we have a huge potential of getting to see 100K to 125K by the end of this year or the beginning of 2022.
Feel free to check smaller frames to see if the subdivided impulses and corrections are there. You'll see that they are. And these subdivides are a variety of shapes, patterns etc. all leading to this weekly main strategy.
Looking forward to hearing back from you guys on this prediction and details. Take care.
As always; this is no financial advise of any sort and please DYOR!
Cheers.
Nota
By the way, lately some alt coins have been started to move in huge actions. Even though the Bitcoin dominance is moving around 45 and sometimes rising on a daily basis.This seems like a great signaling for the rest of the alts and also Bitcoin itself, because this means money is flowing back into market.
Keep a close watch on them too. We might really be at the beginning of a very long lasting alt season along with the continuation of BTC bull run.
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