As measured by the graphical reading presented on the weekly chart (great quality chart time), BTC, in my view, has ended a bullish cycle 1-2-3-4-5-A-B-C and has already started a new cycle.
As can be seen from the reading, wave 1 of this new cycle amounts to +86%, and wave 2 has retracted, so far, at 0.382% Fibonacci. It is not possible to say, at this moment, whether wave 2 will be complex (that is, if it lateralizes and rises between the end of wave 1 and descends again to its previous support) or not. This only market sentiment and buying strength will show on the chart.
If I were to guess, I would say that I'm facing a simple wave 2, that is, not complex, considering the golden cross (crossing of the simple moving average of 50 with that of 200 periods) on the daily chart, which can send the price up. If wave 2 hasn't finished yet, I believe it could reach the golden ratio of 50% and 61.8% of the Fibo retraction, worth $40,512.85 and $38,138.74, respectively.
For a medium-term analysis, I cannot see it differently. At least the chart doesn't show me a bearish.
As can be seen from the reading, wave 1 of this new cycle amounts to +86%, and wave 2 has retracted, so far, at 0.382% Fibonacci. It is not possible to say, at this moment, whether wave 2 will be complex (that is, if it lateralizes and rises between the end of wave 1 and descends again to its previous support) or not. This only market sentiment and buying strength will show on the chart.
If I were to guess, I would say that I'm facing a simple wave 2, that is, not complex, considering the golden cross (crossing of the simple moving average of 50 with that of 200 periods) on the daily chart, which can send the price up. If wave 2 hasn't finished yet, I believe it could reach the golden ratio of 50% and 61.8% of the Fibo retraction, worth $40,512.85 and $38,138.74, respectively.
For a medium-term analysis, I cannot see it differently. At least the chart doesn't show me a bearish.