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I often start with this thought, but when you have an extreme price action, such as what is showing in this BTC technical analysis, the idea is not to pick a top. The idea is to find where you are, so you can be strategic, enter the market right, and not enter in with a FOMO mentality (Fear Of Missing Out)
Given with our extreme strength we see within Bitcoin, we don’t know where we are within the Elliott wave structure. However, in this Bitcoin technical analysis, we can be strategic and come up with an educated guess regard which wave we are in.
We can see that if we take our absolute low, to the one and project to the two, we can see we have an extreme target, related to the prior relationship. With that, we are expecting subdivision. So we go to the low of the 2 low of the largest degree to the 1 and project from the 2 and we see a couple of things concerning our Bitcoin technical analysis.
We can see that we could be going to the target level predicted in the extreme high. Now we see can see an expanded flat and then an A and B pattern, which goes beyond the pivot. Since are are between the 38 and the 50 so it is reasonable that we get a two, with our one wave wicked. Lastly, if you look at our algo targets, we are throught he 100.
Now, it looks like we are starting to develop a fib confluence zone, all related to the work I’ve done in the Bitcoin (BTC) technical analysis. We can see that we are just a few ticks shy under the the 127.2% However, this is a reasonable spot to identify as the third wave.This is because the given length of the correction below. It just makes sense for.
With the assumption that we have a fourth wave, we can now look for a fib relationship that would be a common zone.
Really all I am looking for is an opportunity to get a nice, long profit; we want to “ride the waves” up. Also, we have potential resisting zones. All we are looking for is the next retracement in this Bitcoin technical analysis so we can get a nice long trade.
Then I show you to do is find out if there is a relationship between the length of the retracements given. We see that this relationship is a match. This gives me more confidence in the Bitcoin technical analysis, because the pivots match.
I then zoom into the 100% level and show you some more information. regarding the truncated c wave; we’ve been seeing these waves notoriously in the cryptocurrency markets.
Now we want to project and build confidence into our 4 and find where it is located. For our 4th I narrow the 4th wave to start within the 38% and 50%.
I predict that there will be opportunity that this swing will be $8,000
As I near towards the end of this video, I show you some things to look for and they are:
* Are there wave 1 highs? Then we will look for the next 1,2
* Is there an impulse?
I encourage you to wick off the potential pivot zones. WE are trying to layout a potential road map. We want to be in the best reasonable zone and get the best reward. The idea that we have the future’s project.
I conclude this Bitcoin technical analysis with the idea of wall street getting in on CME offering Bitcoin futures contracts. My thought is that once wallstreet comes into the market, they are going to try and push BTC down low (maybe even $8,000) . We are entering a really emotional trading zone. You might see a lot of panic selling.
Please make sure to approach Bitcoin with caution and watch for dips, due to wallstreet’s manipulation.