The rise from the $2900 low has now become too large to be considered a 5th wave or even a extended 5th.
By the rules of the Elliott wave principle - the 3rd wave in a sequence of 5 waves would be the most dynamic, powerful, longest.
We will now switch to our alternative theory that the rise from the $2900 low is a 3rd wave extension within Primary wave 3 with more upside to come.
By the rules of the Elliott wave principle - the 3rd wave in a sequence of 5 waves would be the most dynamic, powerful, longest.
We will now switch to our alternative theory that the rise from the $2900 low is a 3rd wave extension within Primary wave 3 with more upside to come.
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Minor waves 1 & 2 complete - with minor wave 3 looking to complete in the $8,000 zone.
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BTC Our next target for the larger trend alternative would be above $9000 for the completion of Wave 3 within Cycle III
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Bitcoin Is the New Crisis Currency www.bloomberg.com/ne...ots-such-as-zimbabwe
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We may have reached a critical interim top in BTC. Be careful with all Coin & Token long pairs.
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If we start looking at the Elliott third wave extension theory for the current cycle III - we should now be approaching Intermediate wave (3) - target of $13,500 zone.
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Current calculations is showing the 13,500 zone is too short and shifting the target zone for this next leg up to the 15 K zone
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Clarification - 15K zone will be the interim target for 3 of Minor 5 of (3)
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Strong action today, just how 3rd waves behave. There should be one more high leftover to complete (3) with a good sized correction to follow..