BTCUSD bottom in sight: UPDATED wave count and targets
This is an update to my larger timeframe analysis. (see Ideas below).
Currently looks to be in a wave 4 nearing completion.
That leaves a final wave 5 (capitulation spike?) that should test 3k or even pierce it briefly.
The fact that the drops have been more shallow, and the bounces stronger, tells me we are nearing a bottom.
I say ''a'' bottom as I am not totally convinced this will be ''the'' bottom, but the odds are looking better.
.
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Background:
This is a continuation of my calculations to find the 'bottom' and consider whether it will go any lower or not.
First I saw 3618 on CoinBase as important which had been on my charts for over 6 months:
Getting closer, I started to see a bigger picture coming together:
As it bounced, 4425 came into focus as the big hurdle:
After it topped at 4425, a rising wedge combined with EW waves pointed to a serious pullback:
So now zooming back out to the original large 5 wave impulse, targets are in sight again:
Currently looks to be in a wave 4 nearing completion.
That leaves a final wave 5 (capitulation spike?) that should test 3k or even pierce it briefly.
The fact that the drops have been more shallow, and the bounces stronger, tells me we are nearing a bottom.
I say ''a'' bottom as I am not totally convinced this will be ''the'' bottom, but the odds are looking better.
.
.
Background:
This is a continuation of my calculations to find the 'bottom' and consider whether it will go any lower or not.
First I saw 3618 on CoinBase as important which had been on my charts for over 6 months:
Getting closer, I started to see a bigger picture coming together:
As it bounced, 4425 came into focus as the big hurdle:
After it topped at 4425, a rising wedge combined with EW waves pointed to a serious pullback:
So now zooming back out to the original large 5 wave impulse, targets are in sight again:
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