Looks like BTC is consolidating in a channel after the pump at the beginning of April. After the Bitfinex news on Thursday, it did take a hit on its bullish candle, but it also rebounded at a good support level around 4500 euros. The point of rebound also looks like the bottom of the upward channel which maybe a signal for good organic support. (FTR, I believe the news did affect BTC price). The rebound from the price is possibly the 5th wave in the channel and hence, we could possibly observe Bitcoin make another push for the magical 5300 Euros mark (roughly equivalent to the 6000 US Dollars mark).
On the low 1 hour frame, it looks like we are on the 'C' wave of the secondary cycle in the 5th wave (4-5)of the primary cycle. I took the liberty of drawing the tops of the 'C' wave in the first two secondary cycles to test where this 'C' wave could take us. We could possibly take out 4750 euros today, i.e. 28th April, 2019 before we retrace. Additionally, my favourite indicator Stoch RSI is low at the moment which suggests its a time to buy. Let's wait and watch.
I also expect BTC to tough 5100 euros before the 7th May, 2019 and retrace thereafter.
On the low 1 hour frame, it looks like we are on the 'C' wave of the secondary cycle in the 5th wave (4-5)of the primary cycle. I took the liberty of drawing the tops of the 'C' wave in the first two secondary cycles to test where this 'C' wave could take us. We could possibly take out 4750 euros today, i.e. 28th April, 2019 before we retrace. Additionally, my favourite indicator Stoch RSI is low at the moment which suggests its a time to buy. Let's wait and watch.
I also expect BTC to tough 5100 euros before the 7th May, 2019 and retrace thereafter.
Comment:
Contrary to Retracement from 4750 euros, price retraced from 4700 euros. Now we see if the upward swing does bring the prices to 5100 euros.
Comment:
Looks like BTC is coming home to 5100 euros earlier than planned.