If we calculate the total move as a macro wave 3, starting from the bottom of the Mt gox collapse, $140ish on Coinbase, to 20K, we can find the fib retracement levels of this entire Wave 3.
because we are now assuming wave 3 is done and wave 4 is in place AND this is a macro wave 4, we have many more weeks of bear activity.
Considering a macro wave 4, it would make sense that we have 5 elliott waves down. It appears we are in wave 3 of 4 downwwards and $7.5k is the target.
We will bounce up again for wave 4 of 4. whether we get to the resistance line, i dont know. The fact that we didn't this time makes me think this will be the final bull trap before wave 5 of 4 down.
We can see that the .786 fib of the ENTIRE wave 3 from 2016-2017 provides the PERFECT bounce point for a gentle upwards trendline that will keep btc bullish long term.
(keep in mind this wave 4 can drop as far as $1300 and be above the macro wave 1 before the Mt gox collapse and still be bullish. Not excited about that though...)
because we are now assuming wave 3 is done and wave 4 is in place AND this is a macro wave 4, we have many more weeks of bear activity.
Considering a macro wave 4, it would make sense that we have 5 elliott waves down. It appears we are in wave 3 of 4 downwwards and $7.5k is the target.
We will bounce up again for wave 4 of 4. whether we get to the resistance line, i dont know. The fact that we didn't this time makes me think this will be the final bull trap before wave 5 of 4 down.
We can see that the .786 fib of the ENTIRE wave 3 from 2016-2017 provides the PERFECT bounce point for a gentle upwards trendline that will keep btc bullish long term.
(keep in mind this wave 4 can drop as far as $1300 and be above the macro wave 1 before the Mt gox collapse and still be bullish. Not excited about that though...)