Those with a background in waves will know we are currently sitting at a very key level which will simply define the nature of the current leg we are trading. From a strictly technical perspective, the market has so far been capped under the resistance after a lot of profit taking. This was the ABC target from the December lows as well as the 61.8% retrace from the highs, a very congested area and widely expected opportunity for early bulls to take some chips off the table.
Tracking the price behaviour like a hawk here as this will be the defining factor between this being viewed as an impulsive leg to the topside or an inside corrective/counter trend leg.
To put simply, whilst my underlying bias remains towards BTC marching on towards the highs it is important to track very closely for any signs of a possible top here. A break above will open 16,991 very fast (in a few days) which will then qualify as a 3rd wave of 5.
Best of luck all those looking for positions and those already enjoying the ride...