Bitcoin seems destined to correct a healthy 38%, which would lead us to the previous high in January, around $42000. Fibonacci Retrace says this SHOULD happen and I agree for a couple reasons:
1) EMA21 is untouched in 2021 on the 1WEEK chart. We hit this 3 times in 2017 by todays date.
2) Bitcoin historically corrects down to previous high this time of year
3) Because.... Elliott Wave indicates this is where we land.
I will explain:
Waves 1 - 5 shown on the chart is where the ABC correction wave begins. Elliott Wave states we should see Wave A at the 50% or 61.8% of Wave 5 - and it is! Wave A is at the 61.8% level of Wave 5. Magical!
So, where does this leave us now?
Elliott Wave also states that Wave C should end at the 161.8% of Wave B, and guess where this puts us? Same friggin spot as the 38.2% Fibonacci Retrace! 42k - Crazy right?