Hello, everyone!
Last time when I made the BTC analysis, I spotted that now the price is in the local Wave 3 of the Global Wave 5, last wave of the current bull market.
Today I am going to assume where the market top can be for the current Bitcoin market.
The market clearly formed the 5-wave Elliott structure. According to Trading Chaos methodology, we should calculate the price distance between the Wave 1 start and Wave 3 end, measure this value from Wave 4 bottom – this is the higher of the Wave 5 target zone. The lower band is 62% of this distance. Thus the target zone for this bull market top is the range between $68000 and $90000.
You can be scared that the lower band have been already reached, but as I revealed in the previous analysis the local waves structure have not ended yet. I am waiting the BTC price much higher than the current ATH.
Moreover, we should see the fractal at the Wave 5 peak and the decreasing momentum on Profitunity MACD. I will tell you when the bull market top will be in my opinion. Now I am still holding altcoins and waiting the altseason.
