Last time I showed you the local Elliott waves scenario using the Trading Chaos. I predicted something like double top and we have seen it on 4h timeframe. Now I am sure that the Bitcoin stated the impulsive downside impulse which will lead us to our final target $15-17k. Today it’s time to update our mid-term forecast.
Let’s take a look at the 1D timeframe of the BTCUSDT chart of the WhiteBit exchange. ABC correction ended at $25k, I pointed this fact out many times. Now it seems that Bitcoin is forming 1-2-3-4-5 Elliott wave cycle. Wave 1 and 2 have been already ended. In my interpretation in the wave 3 we also have see the the completion of the waves 1 and 2. I want you to bring your attention that the wave 2 ended just below the Fibonacci golden pocket. Moreover the price was not able to reach even the countertrend line. I consider it as the weakness sign and the wave 3 feature. Now I expect the rapid decrease which will represent subwave 3 inside wave 3. But after that the bear market end is going to be very soon.
Best regards, Ivan
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