This morning, price dramatically increased, taking out a local high and pushes towards $5150.
My previous outlook for Bitcoin stated that I anticipated that it would start going down, considering the resistance at $4200 it was at. I proposed an ABC as a 4th wave in a bigger wave (C), said wave being part of a large ABC denoting the whole bear market. In this case I had to allow for truncation of the subwave C of this 4th wave. However now, we've seen it pump higher. Interestingly enough, this proposed C-wave has pumped to 1.618x the length of the proposed A wave from the current bottom to $4250. This means it could morph into a 1-2-3(-4-5) set up and mark the end of the bear market.
However, this bear count indicates that we there is a still a possibility that we aren't out of the woods yet where bears roam. Let's list some things
Bear targets at 2500,2300,1800 remain unresolved until we break higher.
My previous outlook for Bitcoin stated that I anticipated that it would start going down, considering the resistance at $4200 it was at. I proposed an ABC as a 4th wave in a bigger wave (C), said wave being part of a large ABC denoting the whole bear market. In this case I had to allow for truncation of the subwave C of this 4th wave. However now, we've seen it pump higher. Interestingly enough, this proposed C-wave has pumped to 1.618x the length of the proposed A wave from the current bottom to $4250. This means it could morph into a 1-2-3(-4-5) set up and mark the end of the bear market.
However, this bear count indicates that we there is a still a possibility that we aren't out of the woods yet where bears roam. Let's list some things
- We've pumped into the 0.328-0.5 zone, the highest probability zone for a 4th wave.
- We have not gone outside this proposed falling channel, although it can be drawn in several different ways.
- It looks like a large bear flag, although it can morph into an uptrend if it continues to make higher highs.
- It has broken the 200EMA Daily (red), which I value a lot. The idea for bulls is to close above it ($4600ish). Bears want to see it close below it, ideally.
- A better similarity than before with:
- Test of weekly 50EMA and 21EMA cross
- Test of 21EMA monthly
- NVT signal flashing red
- Daily kumo cloud gave a signal a week ago by turning green. This is bullish.
Bear targets at 2500,2300,1800 remain unresolved until we break higher.