This section is only on Bitcoin charts and the many perspectives we believe have merit in terms of understanding and trading. This is not about on-chain chartsdata, just traditional charts with a number of indicators applied to the
chart to help work out macro tops and bottoms.
Once you have these different perspectives or methods, moving foreword, one should revisit these at the right times to see if there is confluence to future price action and help determine tops and bottoms a key milestones.
Using Elliot way theory and Fibonacci levels, we determine key levels for Bitcoin.
Note where our reference points are, just using standard TA methods from wave 0 to the top of wave 3, we get the top of wave 5 corresponding clearly with a well know fib level for taking profit. This method then continues with the
bear market and another wave 5 count is in progress.
The 2nd chart, we use another method which shows consistency with the 1st method for finding the 2017 top.
Note however in 2017 we have a parabolic blow off top and hence the standard taking profit between 1 and 1.414 is exceeded to the 1.618 fib level. Hence the methods are then applied to the 2021 cycle of wave 3 to 4 to find wave 5’s
top. We continue these with the following charts in the next sections below.
The original live chart where these screen shots come from.
Link to live chart on tradingview