🅱️ Bitcoin Enters Correction Based On Elliot Wave Theory (~20K)➖ We have a perfect 5 up wave bullish impulse pattern.
➖ After five up we get three down (ABC).
This is the main premise for the upcoming correction, together with the halving and the Bitcoin Merge but there is more.
See this chart:
This week ended on a very strong bearish candle, we will have a closer look soon. This bearish candle/session has the highest volume since November 2022, after the week of early November 2022, the 8-Jan-2024 session has the highest bear volume on CME Futures. This is a major bearish signal.
Now we have a chance to look closer at the current week, it turns out that the CME chart reveals more data than the spot chart, this is great... Let's proceed.
Ok... Follow me!
The highest close happened 4-Dec., this is the full green candle to the left.
The top of this candle is marked with a green line.
This week we have a large upper wick (buyers buying) but the real body is red (current price below open) and the session ends red (close below open).
The candle close happened below the open and close of the first week of January and also below the close of the early December week, meaning that we have a full rejection in place.
Match this with the previous Doji (indecision), the high bearish volume (bearish strength) and wave count (market cycle), this is all pointing lower.
The fact that we have the launch of a Bitcoin Spot ETF with more hype than the Ethereum Merge, we know the top is in because these events are used to sell.
Then we have related charts such as COIN crashing and even unrelated charts such as TSLA, Gold and the SPX.
The whole thing is screaming: Down!
Now, how far low it is very hard to guess at this point because prices still trade at or near the top.
My early assessment says around 25,000 to 20,000 but soon we will have more information... The ABC wave on the chart is only for illustration, the shape of the wave and actual levels can be quite different.
The correction will last for a few months maximum, 2-4 months.
The initial reaction can be ultra-fast and strong (within 1 month).
👉 After the 2024 Bitcoin halving, we will get sustained, long-term growth.
When the halving is in, it is time to go long.
The chart will let us know and I will be here for you... You can count on my support.
You have my support.
Thank you for reading.
Namaste.
