The 50% correction BTC just had is coherent with a Fib wave 2 (in white) retracement (73% of chance for a correction between 50 and 61.8%).
Initially, I believed we where in a Wave 4 correction (in green) but this is incompatible with the retracement we had.
I adjusted my green wave 4 s show in image, take note that this implies an usually small retracement for a wave 4. Could be explained by institutions piling in around that time & the Elon pump. Could also mean I'm wrong.
Wave two (in white) is supposed to correct between 50 and 61.8, this means that wave 2 correction might not be over and we could be revisiting the 26K level. Also take note that this could take days, weeks or months to play out if the market decides to move sideways.
If plan is correct and we don't see lower levels, we are aiming for a wave three in white with a target of minimum 130K USD (to adjust lower if BTC retraces more).
Final wave 5 places us in the 150K area.
As usual, Eliot Wave & Fibonacci work when the play is over. This is by no means a crystal ball prediction but a possibility of how this could play out, my counts could be wrong.
Also, nobody knows how the market is going to move, not your Twitter influencer, not your neighbor, not the experienced trader. Remember to take profits & protect your capital, pay yourself when the market makes money available to you.
Initially, I believed we where in a Wave 4 correction (in green) but this is incompatible with the retracement we had.
I adjusted my green wave 4 s show in image, take note that this implies an usually small retracement for a wave 4. Could be explained by institutions piling in around that time & the Elon pump. Could also mean I'm wrong.
Wave two (in white) is supposed to correct between 50 and 61.8, this means that wave 2 correction might not be over and we could be revisiting the 26K level. Also take note that this could take days, weeks or months to play out if the market decides to move sideways.
If plan is correct and we don't see lower levels, we are aiming for a wave three in white with a target of minimum 130K USD (to adjust lower if BTC retraces more).
Final wave 5 places us in the 150K area.
As usual, Eliot Wave & Fibonacci work when the play is over. This is by no means a crystal ball prediction but a possibility of how this could play out, my counts could be wrong.
Also, nobody knows how the market is going to move, not your Twitter influencer, not your neighbor, not the experienced trader. Remember to take profits & protect your capital, pay yourself when the market makes money available to you.