In my first Post Analysis, I will explain the process of Bitcoin's movement since 2018 in the Weekly Timeframe.
BITCOIN is currently forming a very neat Elliott Wave Theory structure. Namely the Impulsive Move 1-2-3-4-5 structure:
Wave 1
This is a movement that forms the first Impulsive Wave, where in the process of Wave 1, the driving factor is BigFund/Whale.
Wave 2
This wave is a Corrective process from Wave 1. Where the BigFund/Whale take some Profit to re-enter at a price that they think is ideal/cheap for re-Entry. Usually, using Fibonacci Retracement, the area level that has the greatest potential for finishing/ending Corrective Wave 2 is at Fibonacci Retracement level 0.618 to 0.786.
Apart from that, the process of forming Wave 2 usually often eats up liquidity from Retail Traders who are FOMO about the increase from Wave 1
Wave 3
This wave is the only wave that moves most impulsively compared to other waves, because the BiggerPlayer/BigFund/Whale are again taking over the direction of the market + followed by Retail Traders who previously missed the entry in Wave 1
Usually the increase in Wave 3 can be measured using Fibonacci Extension. The greatest probability is in the Fibonacci Extension 1,618 to 2,618, maybe even more if the movement is very impulsive.
Wave 4
This wave is a wave that Bitcoin has just completed in its very long and tedious correction process.
Yep, Wave 4 is a Corrective Wave which usually makes most Retail Traders confused/desperate, because the process of correction from Wave 4 is very long and very difficult to analyze.
In terms of Fibonacci Retracement, the area with the greatest potential to visit for finishing Wave 4 and has the potential for a reversal is at the Fibonacci Retracement level 0.382, so far it is only 0.5, and must not fall below the Highest Point of Wave 1.
For the Wave 4 process that occurred in Bitcoin, it was the formation of the Expanded Flat Correction Pattern. And what is very interesting, the area is very neatly formed, where the Expanded Flat Correction contains a Wave Structure:
- Corrective Wave ABC in a minor way, to form Wave A Major
- Impulse Wave ABC in a minor way, to form Wave B Major (Usually the process of forming Wave B Major has a FakeOut/False Break, which makes Retail Traders fooled and causes some of them to suffer Liquid/Stop Loss)
- Corrective Wave 12345 in a minor way, to form Wave C in a major way. Where in this process, it is a wave that moves very impulsively. Interestingly on Bitcoin, at the end of Wave C, a reversal Chat Pattern was formed, which is called the Falling Wedge Pattern. And what is no less interesting, BITCOIN managed to break above the Trendline of the Falling Wedge Pattern whose position coincides with Fibonacci Retracement level 0.5, which is the final area of โโCorrective Wave 4.
From this we can take an important point that BITCOIN has the potential to rally again to visit the Impulsive Wave 5 target
Wave 5
This wave is the wave that I am currently looking for potential areas that will hit BITCOIN in the future bull run. Usually the process of Wave 5 occurring is in the 100% Fibonacci Extension range, or parallel to Impulsive Wave 1.
If we refer to Probability, then we will get a quite important area. Namely in the $70,000 area, because this area is the Confluence of Resistance area of:
- Resistance formed from the current BITCOIN ATH
- An area that is parallel to Wave 1 if the increase is measured
- Area Fibonacci Extension level 100%
So, will Bitcoin during its halving period immediately visit the nearest resistance area at $70,000?
Disclaimer !
My analysis is not just that BITCOIN immediately boosted to $70,000 without following a minor timeframe correction process. I see this progress based on Bigger Timeframe and Bigger Wave.
We will discuss minor waves in the next post, which is very interesting, according to expectations.
So, see u di next Post Analysis yaa