Bitcoin at The Bump Phase

BTCUSD is about to get done with the Bump phase and heads to the Run phase.

Happy Trading.

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Wave A seems done and wave B has just started.

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Wait for wave 5 then long at wedge breakout to catch wave C up.

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I think it's ready

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Broke out of the first trend.

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The second part of the bear cycle has just started as it broke the triangle

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In the last update, I showed the breakout of the triangle and BTC is still going for lower levels since then. As per Elliot waves, that triangle is wave B (abcde) pattern where wave e was short and didn't test the upper band of the triangle. This indicates that the bear cycle is quite strong. BTC is now in Wave C.

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Possible retrace

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I think the pullback is done. It might resume the down move next week.

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It did the retest and reversed as expected. I think 6800 is an area to test next.

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I think the coin has completed ABCDE pattern and will start declining targeting new lows.

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A fresh low 5500

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A major breakout. The coin is heading to 1150 as it appears.

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