Bitcoin just hit the top of its major channel and rejected with an engulfing weekly candle similar to the top back in Dec 2017 bull-run.
The last bull-run in 2017 ended with a %958 growth in price from $1,800 to almost $20K and made a correction of %67 (0.382 fibs level) before the crash caused by Silk-Road shut down.
Now Bitcoin just went up as %958 from the last crash of March 2020 to almost $58K.
If the market cycle repeats itself I expect a %67 correction to 0.382 Fibonacci level which is at $20K and the mid-line of the major channel and the bottom of the red ascending channel before the next top at $100K in 2022.
The last bull-run in 2017 ended with a %958 growth in price from $1,800 to almost $20K and made a correction of %67 (0.382 fibs level) before the crash caused by Silk-Road shut down.
Now Bitcoin just went up as %958 from the last crash of March 2020 to almost $58K.
If the market cycle repeats itself I expect a %67 correction to 0.382 Fibonacci level which is at $20K and the mid-line of the major channel and the bottom of the red ascending channel before the next top at $100K in 2022.
- This analysis will be invalidated if a weekly candle closes above $62K
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Elliott Impulse Waves for Bullish Scenario
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Silk-Road shut down happened in Nov 2014. Sorry for the typo. Bitcoin crash in 2018 maybe was related to the hacking of exchanges
