From an Elliot wave point of View. All wave formations on bitcoin/usd chart after the fall to 3200 regiopn last week has been in form of corrective structure. In a bid to give these waves accurate and explicit count. We show you the wave corrections appearing as it is evident on the chart above in form of a simple correction pattern then another a-b-c that terminated at 39300 region.
Based on past history, Elliot wave corrective patterns have repeatedly proven to be a very good tool that indicate the resumption of the predominant trend. The only limitation to it is the complexity and difficulty to count and spot them accurately atimes. In the case of this Bitcoin/usd chart.
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Trade going exactly as anlyzed, I will advice traders to lock their entry