The ultimate goal for this rally in subwave A of wave 5 up is to reach the previous high made by wave 3 up.
That subwave A of wave 5 up has to have a clean impulsive count and should subdivide into five micro waves.
At this point we are watching final stages of wave ( iii ) up.
A corrective wave ( iv ) down may push price back down to 44,150 - 42,300.
This decline in Bitcoin stopped over the critical support at the low made by the previous correction in subwave B down of wave 3 up. That means the bullish structure is still valid. As long as a stock or cypto keeps making higher highs and as long as every pullback respects lows made by previous corrections we can expect new higher highs to come.
In my previous update posted yesterday I noted that Bitcoin started a new leg up in subwave (C) of wave ( 5 ) up targeting 73,000.
Subwave ( C ) of wave ( 5 ) up has to be subdivided into five waves. Bitcoin has made ( i ) up, ( ii ) down structure, a starting setup for a rally in wave ( iii ) up.
Subwave ( a ) of wave ( iii ) may be targeting 100% ext of wave ( i ) up.
Bitcoin has hit a double resistance:
- 66.7% retracement of the preceding decline, and
- the middle line of Andrew Pitchfork.
It is likely that BTCUSD will produce a pullback/a-b-c- shaped consolidation from here in subwave B down of wave 5 up.
That pullback has to make a higher low setting stage for another rally in subwave C of wave 5 up targeting a new all...
The consolidation off the high made in February 2021 looks like a complete triangle structure.
Subwave E down overthrew the lower support but from time to time that happens.
The first target for this move up is 66.7% retracement (the Red Box).
FUTU is approaching a normal target for the strongest part of the rally, subwave C of wave 3 up.
I think we will see a wave 4 down in FUTU to 57 - 55.
CAT Trend Channels indicator caught several pullbacks to enter that bull run.
We have got the first confirmation of the final drop in wave c of ii down I have been waiting for. We have got the first wave i down. That final wave c of ii down should be subdivided into five waves. And so far we have got wave i down and wave ii up. The next move may be a sharp drop in wave iii to 3,840 or even lower.
At this point I am clarifying my target for...
It is very difficult to find an impulsive count of the move up off the late February low.
I tend to count it as a complex w-x-y corrective wave b up of ii down.
I still expect the final drop to 3,650 in wave c of ii.
That drop would set a stage for another rally that would break out over 4,000.
On 4 March 2019 I predicted a rally to 4,000. That rally was supposed to complete a corrective wave b up of ii down.
Bitcoin hit 4,045 on 9 March 2019 and since then kept grinding lower. My expectations are unchanged, I expect Bitcoin to drop in a strong scary...
As I predicted on 4 March 2019, Bitcoin rallied in a corrective wave b up of ii down .
And I warned back then that the rally would be a corrective and would follow by another plunge.
So this time has come. The minimum high probability target for the drop is 3,610.
That drop would finalize a-b-c correction after the previous strong rally in wave i up and would...
In my previous update posted on 24 Feb 2019 I wrote:
"This current drop into 3,820 is clearly only the first leg down in wave a of ii.
Despite the fact we should get a corrective wave b up and that could get as high as the previous top over 4,000 I would encourage you not to take your chances and wait for a corrective wave b up to top and then you may try to...
In my last update on February 19 I warned bulls:
"Today, after 30% quick gain off the bottom I want you to cool down. I am still bullish on Bitcoin .
But we got wave i up of a larger wave ( c ) up. We may get now a pretty deep corrective wave ii down targeting 3,600. "
I count a-b-c move up that topped around 4,280 this night as a completed wave i up off the...
On 8 February 2019 I showed you a bullish declining wedge and announced an upcoming rally.
On 14 February I showed you another bullish wedge and said that we gonna get rally to 4,000.
Today, after 30% quick gain off the bottom I want you to cool down. I am still bullish on Bitcoin.
But we got wave i up of a larger wave ( c ) up. We may get now a pretty deep...