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Bitcoin

26 Apr 2021 ‚óŹ 04:38 AM

Bitcoin is bouncing back, is this wave B up? An alternate view is that the low of 48409 just made is the final bottom for wave 4 and we are off to the races, meaning new all-time highs. Meaning wave 5 toward 100000 kicks off. This involves the idea of discarding the ending pattern at the end of wave 3, in favor of an expanded flat shown below. It means that the rally in the first week of March was an impulsive 5 wave advance and the subsequent correction after that is a 3-3-5 expanded flat whose last wave down is a 5 wave decline that just ended. So we have a bottom and the larger uptrend can now resume. All true till 48409 holds. Further confirmation will come from an impulsive rally itself. We can revisit this idea near 61.8% retracement at 58284. But it is better to start with this bullish bias.

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