Bitcoin has rallied nicely off it's November bottom completing an impulsive 5-wave pattern. That's the good news. What's next? We should expect a retrace. If we retrace correctively in an ABC pattern into the target box, then impulsively breach the wave 1 high recently struck, Bitcoin could breach the $26,000 giving us our first clue we may have bottomed.
Once we breach the wave 1 (if wave 1 is done) breaching $26,000 should not be a problem.
Now can we extend in our wave 5 of larger wave 1...sure. What is important is we have a full pattern...so naturally we should be expecting a retrace. Again, I will repeat, we expecting a wave 2. Wave 2's can be shallow or deep. They are by nature unpredictable...hence the large target box.
Best to all,
Chris
Once we breach the wave 1 (if wave 1 is done) breaching $26,000 should not be a problem.
Now can we extend in our wave 5 of larger wave 1...sure. What is important is we have a full pattern...so naturally we should be expecting a retrace. Again, I will repeat, we expecting a wave 2. Wave 2's can be shallow or deep. They are by nature unpredictable...hence the large target box.
Best to all,
Chris
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Go to ewtdaily.com for DETAILED DAILY UPDATES on this ticker and get a 7-day FREE trial on updates on entire coverage list of 27 unique tickers.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.