Hi, today I will present you my “longish” timeframe point of view on Elliot wave Bitcoin chart.
So this whole count started on 14th December 2018 with a pretty steep climb up. Just to let you know this is a 4h chart from Bitmex. The first wave topped its way up on 23rd December 2018 and after that, we had the second wave that was quite long, took around 46 days and ended on 8th February 2019. This second wave ended with a big pump as a first sub-wave up. Next is the third wave but that has not ended yet, I see its end near $4400 – $4450 mark. Near this is the last big resistance and also it is 1 to 1 fib extension of a first wave.
If the third wave ends as I expect I see the fourth wave doing only slight retracement to 0,236 fib retracement so it will land around maybe $4200 mark. It is a bit below the first wave support so maybe it will be a bit more up.
So if the third and fourth wave ends up this way I would see the fifth wave near 0,786 or maximum 1 to 1 fib extension of the third wave. That would be around $4900 or max $5100 levels.
This is how I see EW (Elliot wave) count on Bitcoin 4h chart. If you need consultation or anything else you can comment or shoot me an email to email@example.com. Have a profitable trading day!
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