BTCUSD Bitcoin 68k target in 2019?

27 Mar 2019

Based on logarithmic fib extension and previous parabolic cycles, next Bitcoin wave should top off at around ~68,000$ point. Parallel channelling, that worked really well in the last couple of years, suggest the date of October 2019, which seems unlikely now, but something to keep in mind.

Best regards,
MHW

27 Mar 2019

Not

For Elliotticians. According to original book from Ralp Elliott, channeling is not constant in an impulsive trend but has to be redrawn with every wave completed. By the book the bottom of the wave 2 (on the chart is a retracement from the 1st wave up to 0.236 fibonacci level) and the bottom of wave 4 (current bottom around 3k) form the lower boundary for the channel of wave 5. The top of the channel should be attached to the top of wave 3 in order to project the wave 5 top boundary. Top of the wave 3 in my main count is shortened (truncated subwave 5) which was carefully measured by me on smaller time frames. October 2019 is the crossing line of the parallel channel, full fib log tool extension and also when you draw a trendline from the peak of December 2013 and December 2017, you will find that all the 3 lines cross in October at 68k level. Confluence forces me to treat it seriously, no matter how unlikely it looks no in March.