I told you many times that we are waiting for the last bearish wave 5 for the Bitcoin, but today I found the perfect timeframe which makes me super confident that we will see price below $17.5k and also the bear market will end very soon.
Look at the 3D timeframe BTCUSDT chart, here we have the perfect fit to the range 100-140 bars for the 1-2-3-4-5 Elliott wave cycle. This range is clearly pointed out in Trading Chaos approach. Awesome oscillator helps us to count the waves. Minimum AO value corresponds to wave 3 which bottom we saw at $17.5k. Now it’s time for final wave 5 to complete whole picture. You can hear a lot of negative news next to the market bottom, but it is just noice which does not allow you to make the right desicions.
After wave 3 where was a lot of fear and panic wave 5 is needed to create an illusion that the bear market will be infinite. And exactly at this moment market reverses. I believe in Elliott wave theory because it is the only one theory which considers psychology of the crowd. Different indicators, like AO are just the instruments helping to define the current wave. I hope this article was useful for you!