BTC soared more then 16% today. This jump was very fast and merciless. I thought we'd see another low before drawing a bottom. Now I have to admit that I missed it.
I've adapted my wave count according to latest price action. According to updated count, the price correction from the top of June (13900) is over.
This correction lasted 4 months and shed 47% of BTC value.
As wave 2 is in place we may try to project wave 3 upwards. To project we are using Fibonacci ratios between wave 1 and 3. If wave 3 will be 1,62 of wave 1, then we'll get price target of wave 3 at 25000 (starting from wave 2 low @ 7300).
Fibo 2.62 = 35600
Fibo 3,62 = 46500
Fibo 4,24 = 53000
Wave 3 is very auspicious for buy and hold strategy. Of course we'll see many ups and downs on the way. For better entry timing we may try to find higher low. Let's watch for it....
What can revoke this bullish scenario - sharp price reversal with bearish engulfing of today's big bullish daily candle.
I've adapted my wave count according to latest price action. According to updated count, the price correction from the top of June (13900) is over.
This correction lasted 4 months and shed 47% of BTC value.
As wave 2 is in place we may try to project wave 3 upwards. To project we are using Fibonacci ratios between wave 1 and 3. If wave 3 will be 1,62 of wave 1, then we'll get price target of wave 3 at 25000 (starting from wave 2 low @ 7300).
Fibo 2.62 = 35600
Fibo 3,62 = 46500
Fibo 4,24 = 53000
Wave 3 is very auspicious for buy and hold strategy. Of course we'll see many ups and downs on the way. For better entry timing we may try to find higher low. Let's watch for it....
What can revoke this bullish scenario - sharp price reversal with bearish engulfing of today's big bullish daily candle.