Bitcoin : Path to $49000 but first, we need to catch this short
Bitcoin has shown us a massive run to the upside with a huge positive sentiment and a strong momentum which shows us the the confidence and the trust in the market is so strong whatsoever. In the past few days, the chart moves vertically to the upside which is just good indication for this bull run. However, since the November 26th, we haven't seen any significant pull back as the healthy correction in the market so it can gains more momentum in the future.
This is my projected Elliott wave count which is pointing to the $49000 as the potential wave 5 as the end of this cycle. However, the price is now trending at the end of sub wave 5 in the wave 3 on higher degree. The 4th wave potential pullback however will prints a huge pullback in percentage as I projected the .382 fibonacci retracement as potential local bottom. If it touches the .382 Fibonacci retracement, it will be more than 17% since current rate and it will be too good to miss this opportunity.
RSI is forming a lower high on the lower time frame while the weekly RSI is very overbought and trending above the 96 level which will become the support of my deduction for now. .382 Fibonacci retracement will be at around $31556 region.
This is my projected Elliott wave count which is pointing to the $49000 as the potential wave 5 as the end of this cycle. However, the price is now trending at the end of sub wave 5 in the wave 3 on higher degree. The 4th wave potential pullback however will prints a huge pullback in percentage as I projected the .382 fibonacci retracement as potential local bottom. If it touches the .382 Fibonacci retracement, it will be more than 17% since current rate and it will be too good to miss this opportunity.
RSI is forming a lower high on the lower time frame while the weekly RSI is very overbought and trending above the 96 level which will become the support of my deduction for now. .382 Fibonacci retracement will be at around $31556 region.
