18 Aug 2020 ● 06:39 AM
Is Bitcoin back? In my last post months ago I wrote that we would test the upper line of this triangle and we did. But now we are trading above it and this starts to look like a breakout. Is the bull back in Bitcoin? My thoughts were that this is a large multi year distribution pattern in development. I am not sure to change that. What I cannot rule out though is a test of wave C high or even a a double top formation eventually. Till there is a clear sign of trend reversal odds are open that we test the 13764 high first. If that is crossed then 19891 would be possible. The markings would change from a triangle to a complex W-X-Y structure or an expanded flat. I could be wrong but the 2018 top did feel like the end of someting on this so am thinking accordingly. the recent rally is not clearly an impulse wave to be sure. But there is upside first. A parallel channel of the B-D line would be at 16690.