Bitcoin needs to take out 6580 to setup a move in a full .382 retrace to 6750-6800..if we get that there’s a very good chance of a 5th wave bottom…that would be 4 up and 5 down in the past 2 weeks..
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We need a full .382 retrace back to 6750-6800 in order to get a full 4th wave in..we fell short by 100-150 points on the last move and if we get that full retrace there would be just a 5 of 5 of 5 down left..which is the final 5th wave in a C wave..
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6770 approx is the 382 retrace of the entire downward W3 and bitcoin hit 6650 today before fading..I’m real anal about .382 retraces being exactly .382 or slightly higher, but if this is a W4, it’s close to qualifying as one…this is an important wave pattern as W4’s put an end to endless downward W3’s […]
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The rally off the lows is getting close to qualifying as an upward W4…the target for .382 is around 6700-6800 (6778 to be precise) to the upside and if we get that the downward W3 would be over, and would leave just a 5 down before a much bigger .618 reversal.
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If bitcoin is in a zigzag, there’s a problem…the A wave was 13,000 points and the top of the B wave was 11,800..that would mean a full A = C would take it to -2000..yes NEGATIVE 2000..this obviously won’t happen, so we have to look at the C wave being .618 of the A wave..this […]
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Bitcoin is trying to rally here and form an upward W4, but it has a LONG way to go before getting .382..the W3 down was REALLY big..abnormally big and the .382 target is 7000…in order to stop the endless downward W3 it needs to get to that level minimum
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2.618 target was 6450-6500 and this downward 3 has extended way beyond that…2.618 is typically the furthest a downward 3 can go, but not this one…we’re sitting at 6270 with 5800 being the next support level..if that gets taken out we might see 4300-5000 to the downside..
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The retracement over the past 24 hours fell short of .382 by 200 points so it won’t qualify as a 4…so the downward 3 continues…6800 breaking at .618 suspport would not be good here and we’re just 130 points away from that level currently..a break of 6800 would setup 6450-6500 and possibly a retest of […]
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