Bitcoin elliot wave scenario: wave IV or start of bear market?Bitcoin / U.S. dollarBITSTAMP:BTCUSDabdulahalkasidYou can watch my earlier bitcoin post. What I changed is only the ABC wave of wave IV. The previous ABC wave was invalidated as the C wave went much higher than the 1.618 fib target. So what I did now is set the fib targets of wave IV from the start to the end of wave III. Current probabilities: - The A wave can either end here or hit the 0.38 fib level at 86.7K which is the most common fib target for a wave IV. - The B wave will start afterwards (which could start from here or once the first fib target for the wave A has been hit) - The C wave happens after the B wave finishes a corrective and by then we can count the target for this last wave to the downside to finish this entire correction. Invalidation for a wave IV is touching the 0.618 fib target at 63.2K. With the current elliot wave count, I would only then start talking about a bear market. Till then, this bull cycle has not ended. Share your opinion! Peace!