Elliott wave pattern says we're bound to go to 200k

12 oct 2021

Can you smell it?? Can you feel something is off?

Most people are saying that BTC would go back down to 40k levels, tsk.

But then I remembered the time when everyone was saying BTC is gonna go down to 20k; that didn't age well did it?

Yeah I saw it too, bearish divergence on 4h time frame. But at the same time, did you see the bullish hidden divergence as well? (Bullish hidden divergence > Bearish divergence)

So I was trying to find a reason to be bullish on BTC and stumbled upon the monthly time frame. I realized BTC is forming a classic Elliott Wave pattern.

Lets review the rules of Elliot wave:

• Wave 2 must not go below start of wave 1
  Wave 2 is usually 60% retracement (BTC retraced around 0.618 fib level)
  Wave 3 is the longest
  Wave 4 must not touch high of wave 1
  If wave 1 is the longer impulse wave(time) then wave 5 is approximately equal to wave 1.
  

Applying these rules, BTC recently retraced around 60% and is probably now on wave 3. Hence, if Elliott wave continues to apply in the price action, then we shall touch 200k by the end of wave 5.

Probably too good to be true but then again, this is crypto.