This evening seems to be very interesting as bitcoin and other cryptocurrencies tumble. In our last updates, I multiply stated that the upcoming c wave should establish a 5-wave impulse. As of now, bitcoin has built up bearish momentum, and we breached the 22’000$ level.
Our price target for this bearish wave (iii) is set at 20’806 and this means, if this movement is really a c wave then we should decline even more in the upcoming days.
The orange zone represents the most important Fibonacci extensions of this wave (iii), depending on the volatility we could extend even lower. The price target for the final wave (v) is set at 20’802$, keep in mind that these targets are only the standard levels which the Elliot wave theory suggests.
Be very careful in the next days because we could change our count and stay tuned for future updates!
We wrote about our alt.(c) before and I can't stress this enough… If the market keeps up this immense bullish power of the past months, it could be that we only get a small setback in this wave movement and bitcoin could start its bullish wave (iii) marked in blue sooner!
AVERAGE EXECUTION PRICE: 20’714.20$
LONGTERM TARET: +120’000$