Bitcoin. The impulse wave of Elliot is going down. Calculated target is $ 4000
https://app.icex.ch/en/feed/technical-analysis/2252-bitcoin-the-impulse-wave-of-elliot-is-going-down-calculated-target-is-4000The resumed fall and the loss of support at $ 8000 are pointing towards bearish speculations ...
Bitcoin last week rebounded slightly from the lower limit of the range of $ 8000- $ 12000, which we wrote mentioned in our last reviews.
And on this week and the rate moved further south.
Trend indicators are both on sale on the daily and weekly charts.
The inability to resume growth after a three-wave downward movement ($ 19000- $ 11000- $ 16000- $ 8000) is likely to indicate that the impulse wave is now directed downwards. And if so,
you can calculate its length and the approximate target of the decline.
We assume a reduction target of $ 4,000 and here’s why:
1. The length of the first wave was $ 8000 and this is the reference point for the 5th wave, which started on $ 12000: $ 12000- $ 8000 = $ 4000
2. The height of the wave from $ 8000 to $ 12000 is $ 4000. Now this wave is fully played off and when the fall continues the target is calculated using the projection of this height downwards from the level of $ 8000: $ 8000- $ 4000 = $ 4000
