18 May 2021 ● 06:13 AM
Bitcoin is bouncing back after achieving the minimum level for wave C and coming close to the lower end of the reverse parallel channel. Good odds that the ABC correction ended and we should now start wave 5 up longer-term back to new highs and who knows. BTC reflects liquidity movements very well now because it involves emotional money from speculators. This is why these wave formations show up so clearly. They highly correlate with equity markets and therefore during most equity market corrections, BTC falls sharply. 2018-2020 underperformance of BTC and the most recent correction reflect these phenomena. Similarly, the bullish set up on BTC means it is bullish for equities as well from a liquidity standpoint.