Wave 2 target: somewhere between $8k and $9k

in #bitcoinlast year (edited)

Finally, wave 1 seems to have topped. Wave v decided to extend itself from 9650 to 10500, almost a 1000$.

It's impossible to predict how this wave 2 correction will unfold. There is of course the Elliott wave guideline that the previous wave iv is a target level: around $8250; and that would be just fine for me. We are currently finding some support around a lower level wave iv, at $9700. But that would be a very shallow correction. More realistic is a target somewhere between $8k and $9k.

The 2020 halving is expected to occur on May 9th, which is approaching quite quickly.

In addition, the OBV on the weekly is near support. Should we correct more, then this support will be broken downwards, usually suggesting a more serious move. Which will be in line, even with a 61.8% correction towards $8000.

Maybe quite interesting is that the bitcoin dominance chart seems to give a sell signal, suggesting that another altcoin season is upon us. Until 2017 bitcoin dominance was over 95%. Only to drop to 35% in January 2018. Let's see if we get another altcoin bubble, this time, no doubt, with different 'must have' altcoins.

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