Bitcoin formed an Inverse head and shoulders pattern on 1 day time frame and it's neck line is : $24600, About to give a huge breakout as it is also forming a flag and pole on the resistance (neck line).
The target of the inverse head and shoulders is $30k
The target of flag and pole is $28k
There is a fear value gap from 29000-25500 which is still to be filled
Applying the Elliott waves:
1st Wave 17100-21700
2nd wave 21700-20600 (Retarcement)
3rd wave 20600-24239
4th wave 24239-21395 (Retracemnt)
5th wave ???
The 5th Wave should be 28797$ as the price and retrace the 50% Fibonacci ratio and the next trend based fib shows the target 28797$
Planing a long position after the breakout of Flag an pole which is around 25000$ with a Stop loss of 23500$ and Take profit 28500-30k
Risk to Reward ratio 4:14
The target of the inverse head and shoulders is $30k
The target of flag and pole is $28k
There is a fear value gap from 29000-25500 which is still to be filled
Applying the Elliott waves:
1st Wave 17100-21700
2nd wave 21700-20600 (Retarcement)
3rd wave 20600-24239
4th wave 24239-21395 (Retracemnt)
5th wave ???
The 5th Wave should be 28797$ as the price and retrace the 50% Fibonacci ratio and the next trend based fib shows the target 28797$
Planing a long position after the breakout of Flag an pole which is around 25000$ with a Stop loss of 23500$ and Take profit 28500-30k
Risk to Reward ratio 4:14