20 Jan 2021 ● 07:38 AM
Bitcoin appears to be forming a wave 4 triangle. It is interesting to see that wave 3 broke out of the rising channel to form a new even steeper channel. This price behavior is not new to bitcoin as it did similar things in 2017 as well. Your wave 1 and 3 are almost equal to each other and if we presume that wave 5 could also be equal in size then we would end up close to 64,500. This of course requires us to break out of the triangle above 38,100 on a closing basis.