March saw a massive bitcoin trough with a surge in volume, just like C wave's frantic markets enjoy them. That's 'dong'ed the end of past year's bearish market. So let's try anticipate what this new upmove is all about.
Casting our thoughts one degree up, the two scenarii are:
- One B wave up, subdividing into a corrective a-b-c, as drawn here cause that's our favourite scenario;-)
- Resumption of a much larger degree uptrend, one which would be as large as Bitcoin's inception till June 2019. Also one which could save McAfee's balls haha!
Unfortunately we don't have much to feed on for now. Yet we have had a bullish five-waves' up pattern which ended last week. From its retracement we could risk a guess at future price moves' personality.
So here it is bluntly:
- Shallow retracement (24% or 38%, in the range 5400€-5900€) and we would bet on a zigzag up to 10500€-11500€
- Deep retracement (50% or 62%, in the range 4600€-5000€) and we would favour a larger impulse, with very little to no overlapping in the uptrend, but with so many subdivisions that bitcoin could feel stagnant for a looooong while, and confusing yet still progressing upward, until volume shoots up with the price.
Footnote: volume is thick, it's been so for a month now. At the very least, we're at a trend shift. If bigger, these volumes are early buyers, and investors should follow suit with the price moves that come with these guys.
Casting our thoughts one degree up, the two scenarii are:
- One B wave up, subdividing into a corrective a-b-c, as drawn here cause that's our favourite scenario;-)
- Resumption of a much larger degree uptrend, one which would be as large as Bitcoin's inception till June 2019. Also one which could save McAfee's balls haha!
Unfortunately we don't have much to feed on for now. Yet we have had a bullish five-waves' up pattern which ended last week. From its retracement we could risk a guess at future price moves' personality.
So here it is bluntly:
- Shallow retracement (24% or 38%, in the range 5400€-5900€) and we would bet on a zigzag up to 10500€-11500€
- Deep retracement (50% or 62%, in the range 4600€-5000€) and we would favour a larger impulse, with very little to no overlapping in the uptrend, but with so many subdivisions that bitcoin could feel stagnant for a looooong while, and confusing yet still progressing upward, until volume shoots up with the price.
Footnote: volume is thick, it's been so for a month now. At the very least, we're at a trend shift. If bigger, these volumes are early buyers, and investors should follow suit with the price moves that come with these guys.