BTC seems to have completed Wave 3 and started Wave 4 correction. First support and minimum target for Wave 4 has been reached at 45.3k, but ideal target remains in the 37.4k and extreme target in the 31k area below. Previous supports of recent BTC rallies in the 20wk ma and 21wk ema will converge in coming weeks at those levels depending on the speed of this corrective move, so probably not done yet. Once support is found and Wave 4 ran its course, BTC will begin Wave 5 potentially targeting the Power Law Corridor target of previous cycles well above all time highs.
Comment:
BTC seems to be following the script. Test of 37.4k to 31k area is still in the cards.
Comment:
BTC remains within a Wave 4 correction pattern. Important to notice that support of 20wk ma and 21wk ema is now in the 40.5k-38.5k area which should act as a support area if this Wave 4 correction continues ahead of a new impulse Wave 5 to new highs and towards the Power Law Corridor target north of 85k.
Comment:
After a marginal new high. BTC continues to correct in a Wave 4 with potential target in the mid/low 30k's before Wave 5 starts.