Bitcoin continues to consolidate and the prospects of a 4th wave triangle are becoming more clear. The resolution should be higher , but how much higher. The thrust out of triangles are usually terminal so its possible to expect a larger correction after we reach a top in the 5th wave. There are fib projections around 12k zone, so we will see if we can make it all the way up there. 10,300 stays as defense to the downside as wave A low , while the jump above 11,350 should confirm the end of the correction. The trend remains up but the market needs to convince me there is still gas left in the tanks to climb at this clip. The shorts continue to increase on bitfinex data and i have the feeling they need to give up before we can come back down. Will that coincide with a 5th wave thrust ? Will see, always be prepared.
Our telegram channel "cowboy crypto markets" discusses more detailed updates and lower time frame charts. If you want to learn more about elliot wave , it's a good place to get live market info and familiarize yourself with the wave counting process.
Our telegram channel "cowboy crypto markets" discusses more detailed updates and lower time frame charts. If you want to learn more about elliot wave , it's a good place to get live market info and familiarize yourself with the wave counting process.