digg135

Not the end of the 3rd wave?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Briefly, on the daily chart , we are currently in the 3rd wave of a larger upwards impulse wave that began after the big selloff in mid-March. Labeling the last small rally as a 5th wave doesn't fit the price action. Additionally, BTC remains above the 20 and 50 EMA . As long as the price stays above the 50 day EMA , I don't see a reason to call an end to the rally and expect a large correction.

What does that mean? We're in a small correction before the 5th wave begins. Expect consolidation in the near term, then another breakout and new ATH as the 5th wave continues to form.
Comment: A mistake was made in the last paragraph. The 4th wave correction has already occurred and we're at the start of the 5th wave. A breakout to an ATH is expected as the 5th wave plays out.
Comment: A new All-time high has been made as we watch for the completion of the 5th wave. Depending on how you prefer to label the 3rd and 4th wave in the above chart, there is either potentially another big movement possible as part of the 5th or the 5th will be a small one.

I've seen others label the 3rd wave as one peak before and the 4th as one valley behind my labelling above. Either way, the 5th is not complete. With this alternative labelling, there is one more final push that may just be a small one before a major correction.

But with how I initially labelled it, the 5th is just beginning it's 1st wave and 2 more impulse waves can be expected, implying more upside that could take us over well over 25k, 30k is a stretch, however.

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