#Bitcoin = Diagonals? Again? = 05.09.2021 $BTC #BTC #crypto #cryptocurrency #investing #trading

I believe BTC is approaching its climactic point by charting the diagonals along the way. I completed a little study and want to share it with everyone today.

Fractals
If you look at the wave that preceded the crash in April and the wave that is forming right now, there are certain similarities that are difficult to ignore. The shapes and the waves in both cases are well supported by candles and indicators.

If the current wave reverses sharply and soon, I would be expecting it to retrace to $37365 which is the origin of the diagonal (assuming the counts are correct of course).
By the way, the early recognition of the diagonal helped me to forecast the fall to $29k as early as on March 24. I am still biting myself for rounding up this number instead of forecasting $28871 as the target.

Diagonals
The Elliott Waves theory guides that the diagonal waves tend to return to their origin, often with great precision. The theory also discusses sharpness of corrections if more than one diagonal is formed.

So far, I can see the following structure of the sub-waves in BTC:

It looks like there are two diagonals being formed. One started from the point marked b. And wave v forms as another diagonal itself.
If the counts are accurate and BTC makes another high and reverses, I am expecting a sharp return to $46371, followed by a little pause and a continued fall to $37365.
There is one more alternative count that could return the wave back to $29310, but it is an Alt and this possibility is charted with the dashed lines/arrows.

Speaking of multiple diagonals, this is the study I shared on Feb 29, 2020 for SP500 that formed multiple diagonals in February 2020, before the indices started to fall. Obviously, everybody laughed, but I hope you remember how it ended.

I have no 100% assurance (and never will) that the counts and expectations materialize, but the candles and indicators at this point greatly support the projected path and the probabilities are rather high.

Let’s see how $BTC behaves in the next few days.

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This is the condensed Track Record of our most recent #crypto calls:

  1. $BTC – March 24 – call for imminent reversal, target $29000!
    This happened when $BTC was $52k and approaching the top, when the experts were calling for $100k and $150k next.
  2. $ETH – May 16 – call for strong decline, target $1700!
    This happened at the beginning of the decline when $ETH ws $3600 and everyone was saying it was a minor blip.
  3. $BTC, $ETH, $ADA, $LTC – July 21 – call on Bottom
    This happened on the day the cryptos formed a strong reversal combo and started rallying.
  4. $BTC – July 24 – call on the 10 consecutive green days
    This happened on the 4th day of the rally once we recognized a special pattern.
  5. $BTC – Aug 18 – call on Bottom
    This happened within minutes after the bottom, at 9:45 pm PST, when $BTC was $44250. It has rallied 10+% after the call.

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