Elliott Wave Analysis shows BTC likely to cross 12000 soon

May 12, 2020

Here I present my Elliott Wave Analysis of BTCUSD. As you can see in the chart, Wave I (i.e. the first motive wave) has completed and the IIIrd wave is in progress. Of this IIIrd wave, subwave 3 has completed and now the corrective wave 4 is in progress. Wave A of 4 has completed and wave B of 4 is likely to bring the BTC upto 9400 almost. From there, wave c shall start which will bring BTC down to approx. 7500. This will trigger next impulse wave i.e. 5 of III which I expect to be the strongest of all three impulse waves and this wave 5 will raise BTC to approx. 12400.

There is a lot of theory behind wave analysis, e.g. fibonacci analysis, trendlines etc which has not been shown.
Only time will confirm this analysis but in my opinion this is the most likely scenario.

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Thanks