This prediction is formed under two assumptions. If either is proved false, then the analysis is invalid.
1. Bitcoin is currently in Phase 2 of a Hyperwave. For more information on hyperwaves please watch this and other videos by Tyler Jenks on his channel www.youtube.com/watch?v=QceWX0I9...
2. The Summit tomorrow (June 12th) between Trump and Kim Jong-un will result in a volume and price spike in BTC.
Analysis:
- Fibonacci retracement from the initial breakout ($1,000 in March 2017), to the peak ($20,000 in December 2017)
- Volume profile from breakout to peak.
- Gann fan placed with zero at the breakout and upper trend at the peak.
- Fibonacci time zone with zero at the breakout and 1 at the peak.
The "balancing point" of the wave appears to be $8,000, where the point of control from the volume profile, and the 0.382 fib are located.
If $6,000 holds support and we spike upward from here, then we will likely break $20,000 before the end of the year.
Once above $20,000, the likelihood that we are in a hyperwave increases from 1 in 4, to 85%.
The next target is estimated to be at the intersection of the 2.618 Fib and the upper Gann line at the big even of $50,000.
A correction could then bring price down to $30,000.
Provided the newly formed phase 3 trend line holds, we would then enter the parabolic phase 4 of a runaway hyperwave. Once in phase 4, technical analysis will be largely useless, and the trend will approach vertical.
I expect phase 4 to begin and end in 2020, likely towards the end of the year.
1. Bitcoin is currently in Phase 2 of a Hyperwave. For more information on hyperwaves please watch this and other videos by Tyler Jenks on his channel www.youtube.com/watch?v=QceWX0I9...
2. The Summit tomorrow (June 12th) between Trump and Kim Jong-un will result in a volume and price spike in BTC.
Analysis:
- Fibonacci retracement from the initial breakout ($1,000 in March 2017), to the peak ($20,000 in December 2017)
- Volume profile from breakout to peak.
- Gann fan placed with zero at the breakout and upper trend at the peak.
- Fibonacci time zone with zero at the breakout and 1 at the peak.
The "balancing point" of the wave appears to be $8,000, where the point of control from the volume profile, and the 0.382 fib are located.
If $6,000 holds support and we spike upward from here, then we will likely break $20,000 before the end of the year.
Once above $20,000, the likelihood that we are in a hyperwave increases from 1 in 4, to 85%.
The next target is estimated to be at the intersection of the 2.618 Fib and the upper Gann line at the big even of $50,000.
A correction could then bring price down to $30,000.
Provided the newly formed phase 3 trend line holds, we would then enter the parabolic phase 4 of a runaway hyperwave. Once in phase 4, technical analysis will be largely useless, and the trend will approach vertical.
I expect phase 4 to begin and end in 2020, likely towards the end of the year.