BTC seems to have meet minimum targets for Wave (5) @ 69k last November (white). However, the current move could still potentially be considered part of a Wave (4) which means that we could could see a Wave (5) to new highs in the comming weeks for a shot to the 90k target (orange). In any case, the current down move seems ready for at least a bounce on oversold conditions (TD Seq + Stoch RSI). I would expect this bounce to reach at least the 50w ma @48k, but the area between 46.5k to 55.2k could be used to lighten up on longs or open fresh shorts if you think BTC has seen better days. A break above that, will get us wondering if we are going to the moon again.
Comment:
As we expected, BTC has bounced from the 33k area and currently trades around 45.5k and aproaching our suggested resistance area between 46.5k and 55.2k where the 50w ma also lives @ 48k that we suggested as our minimum target for this bounce.