It is too early to call it a bottom, but I want to show you the best case today. Let's say this impulse wave continues past 8000$ and finally past 10000$...
If so, this is the most probable best case. There are scenarios, in which we just take off to 40000$ by the end of the year, but how likely is that? Some big funds would have to pump billions into the market starting next week... So this is a little more realistic...
It would form a cup pattern, possibly with a handle afterwards.
This move could bring BTC up to 13200$ for wave 1 or X. If it's wave 1, we will likely see any other correction but not a triangle. If it is wave X though, a triangle is very likely due to the rule of pattern alternation. We would have a ZigZag for W, an expanded flat for X and a triangle for wave Y (red).
Is this you most likely scenario? I understand it is not. But which one it is?
White means the correction is done already. Red is an example of "correction not done but no new lows". There are a lot more possibilities than this, but I think they are the most probable. They will look exactly the same in the beginning.
13200 is my fib target, but it could also stop @ 12k or lower.
There are also scenarios of this bullmove slowing down a lot from now on and even new lows are still possible. So its complicated...
If this plays out could be an amazing opportunity, ‘if’ we trade it right.
Thanks for the analysis, Fingers crossed!
Great analysis
Looks like shorts have been taken out.
Just wandering is your $4,200 target off the table now?
Or do you think this is part of a larger correction?
I know you mentioned for a confirmed you required a rise of 2000 in hours or so and this is not that yet.
Thanks
No, 4200 is not off the table unfortunately.
Yes, a big pump in a very short amount of time is a good indicator of market strength. Hope to see that soon, but it is not required.
Believe me, you will know exactly when the parts has started, because you won't believe your eyes..
Yes indeed. Totally agree.
I guess if we don’t see the big pump - the risk of 4200 remains ... unless we smash through your 13,000 target.
Good analysis and look forward to seeing more
That would be amazing, but I don't think we will see a new high by the end of the year.
Good luck :)
Wow! That's great to know. I've been expecting a cup and handle since January.