BTCUSD Weekly Analysis | 2018-2020
My chart overlays got deleted, so I decided to start from scratch, which wasn’t bad at all after all, since many charts were pretty chaotic (from what others have commented :-)).
Since the big picture is easily overlooked when we look at the smaller timeframes (tunnelvision), it’s important to see the overall trend since start to now from time to time to not get biased in one direction or the other.
Assuming this is the 3rd wave since 2011, the king has one more serious bullrun to go before a big correction, but first a cyclical lesser degree correction is due before I see that happen.
For the last few years, I’ve seen (and still see) the 618 (golden ratio) has been a more and more significant nummer for Bitcoin (sic BTC ), so my guess for wave 5 takes this number in to consideration, as w5 equals w1 doesn’t seem right when it’s calculated from w4, because it would be a truncated one at a much lower price point, which I find hard to believe.