Perfect Combination of EW and Fibonacci rules
Giving you the update of current Elliot Wave count which looks so so important at current condition. Price has breached the liquidation zone which I've covered previously with less effort and it looks like this moves will continuing in the near future. Now let's we continue with our Elliot Wave count here and see how I perfectly combine the Elliot wave and Fibonacci rules here.
Whenever you see the price is having this parabolic moves like the case we're seeing on the bitcoin here, you must try to assume that current structure is trying to form the wave 3 in parabolic way. It's simply because the wave 3 is usually become the longest and never be the shortest. Here I present you the sub waves which is becoming the part of the wave 3 in higher degree. On this sub wave analysis, price has touched the 1.618 fibonacci extension which is becoming a major resistance here. Normally, we'll anticipate the $12500 - $12400 for upcoming sub wave 4 that is becoming the potential phase 2 of break out strategy which is retesting previous broken resistance as a support.
In general, I see potential more upside moves for this bitcoin to continue its leg higher. The white region could be the next major resistance which is the same area as the interim swing high on previous structure. but, looking at how parabolic the price moves, I won't be surprise if we see further wick toward the $14350 as the end of wave 5.
Whenever you see the price is having this parabolic moves like the case we're seeing on the bitcoin here, you must try to assume that current structure is trying to form the wave 3 in parabolic way. It's simply because the wave 3 is usually become the longest and never be the shortest. Here I present you the sub waves which is becoming the part of the wave 3 in higher degree. On this sub wave analysis, price has touched the 1.618 fibonacci extension which is becoming a major resistance here. Normally, we'll anticipate the $12500 - $12400 for upcoming sub wave 4 that is becoming the potential phase 2 of break out strategy which is retesting previous broken resistance as a support.
In general, I see potential more upside moves for this bitcoin to continue its leg higher. The white region could be the next major resistance which is the same area as the interim swing high on previous structure. but, looking at how parabolic the price moves, I won't be surprise if we see further wick toward the $14350 as the end of wave 5.
