Bitcoin Extends To Fresh Record Highs

Now that the high earlier in the week has been taken-out, after completing a 3-wave (ABC ) correction, it appears Bitcoin is now forming the final (5th-wave) portion of a larger 5-wave structure. The 1st wave equality projection target is a few hundred points higher from current levels, in which price-action has seemingly respected the psychological 6000 mark as temporary resistance. If Bitcoin can maintain support by Monday's peak, it should have enough momentum to complete wave-5 of a (big) 5-wave impulse.

Bitcoin Completes 5-Wave Advance

A clear 5 waves can be traced-out since the beginning of 2015. The 1st wave was roughly 2830 points and lasted a year and a half. The current 5th wave has seemingly completed at 2825 points, which is nearly the same size as wave 1. It's typical in Elliott wave theory that the 1st & 5th wave are either roughly the same size and/or duration, and the 3rd wave is always the largest of all 5 waves. Which is exactly what we have occurring now! In theory, Bitcoin should correct in some sort of 3-part move or A-B-C correction. That said, a quick resumption of strength over the recent peak in the 5850 region could hint of an extension which would alter the (Elliott) wave-count. I'd look to buy dips (if it gets there!) in the 5000 region, maybe a little bit above, maybe a little bit below, depending how quickly it gets there (if it gets there at all!)