Bitcoin (BTCUSD) has been in a massive multi-year triangle consolidation pattern since last 2017.
Wave E of the triangle has completed a Leading Diagonal minor "a of E."
Next is a higher minor "b of E" to retest falling upper trendline of the multi-year triangle.
After we should get a violent minor wave "c of E" drop to between lower trendline and 61.8% Fibonacci retracement of wave D.
Till more price waves develop down it will be hard to predict its exact end right now but will be in the range of $4,500 and $6,500.
This area will be the accumulation zone for the new bull market.
I believe later this summer to October will be when the next explosive leg up begins to take us above $20,000 VERY quickly - similar to what happened in the fall to the end of the year 2017.
Patience is needed now for final wave E to complete with another drop in the coming minor wave "c of E."
Cheers!
Cyrus
Wave E of the triangle has completed a Leading Diagonal minor "a of E."
Next is a higher minor "b of E" to retest falling upper trendline of the multi-year triangle.
After we should get a violent minor wave "c of E" drop to between lower trendline and 61.8% Fibonacci retracement of wave D.
Till more price waves develop down it will be hard to predict its exact end right now but will be in the range of $4,500 and $6,500.
This area will be the accumulation zone for the new bull market.
I believe later this summer to October will be when the next explosive leg up begins to take us above $20,000 VERY quickly - similar to what happened in the fall to the end of the year 2017.
Patience is needed now for final wave E to complete with another drop in the coming minor wave "c of E."
Cheers!
Cyrus