BITSTAMP Daily

Wave (circle) iv was a very brief contracting triangle (1525; see a 4Hr chart). The sub waves of wave 3 (i, ii, iii, iv) point to a likely target of 1977 for wave v which is 61.8% of waves i~iii and at the same time the higher degree waves also target have a similar price level target of 1982 which is 161.8% of wave 1. When both waves of different degrees point to the same price level it will have a higher probability of the move ending at that point for the end of wave 3.

If market takes out 1977-1982 price level then wave (circle) v is most likely extending (see blue dotted line). If that will be the case a price level of ~2256 is the target (100% of waves i~iii) for an extended (circle v).