BTC / USD Elliott Wave Count Update
After an impressive move higher today, Bitcoin has found the top of wave iii of (3) at 17171 on Bitfinex. There was quite a bit of divergence between GDAX, Bitstamp and Bitfinex today, so it's difficult to estimate where wave iv of (3) will retrace. Regardless, I have a target for wave iv of (3) between the 23% and 50% retrace of the wave iii move.
These retrace levels are shown on the chart with the Fibonnaci retrace tool. 13000 is the 50% retrace and it lines up well with the GRaB (green, red, and blue) support lines on the 4 hour chart.
Click on my linked chart from about a week ago to see how well the targets I had for wave iii played out.
These retrace levels are shown on the chart with the Fibonnaci retrace tool. 13000 is the 50% retrace and it lines up well with the GRaB (green, red, and blue) support lines on the 4 hour chart.
Click on my linked chart from about a week ago to see how well the targets I had for wave iii played out.
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