Bitcoin play of the day, May 13th. Bullish triangle breakout!

Hi Everyone,

We have just seen BTC bullishly breakout of the symmetric triangle that was in the making for the last 24 hrs.

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White arrow indicates price target. Price travel is equal to the distance between the widest points of the symmetric triangle.
If we look at the fibonacci ratios, we can see that it beautifully matches the 0.5 fib retracement point.

From en Elliot Wave perspective, it looks like we're completing the C leg of ABC retracement, where A was a Zigzag, B was a symmetric triangle and C will be a 5 wave structure, so a Zig Zag.

Because we know the length of wave 1 of wave C already, we can make some predictions as to how this wave may play out and see how it fits with our targets set out by the width of the symmetric triangle and the fibonacci retracement target.

By applying fibonacci extenstion, we can see the targets for 1.618 and 2.618 extension.

If we extrapolate our 5 wave count to match the target, we can get the following: wave 3 extending to 1.618 fib, and wave 5 extending to 2.618, which falls beautifully with our earlier target for 0.5 fib extension (green box).

My target for today is between $8,870 and $8,900.
After this ABC is complete, I think we will continue a downtrend. Please see my next post for analysis on that here.

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