BTC (Bitcoin): Is an Upside Reversal Still Possible?
The price technically can still extend down to the $50,600-$50,700 range in this wave 4 correction, however I need to see a reversal in the current price region to maintain the idea that a wave 4 of this particular wave degree is unfolding, which should lead to a fifth wave rally towards the $85,000+ region next.
Alternatively, a break below $50,600 would strongly suggest that at least a larger fourth wave is unfolding with key support around the $42,000 area.
Note that we need to see a break above resistance in 5 waves to indicate that a low of sorts has formed. For now, micro price action is still bearish and therefore I maintain a neutral stance, while watching for upside reversal signals.
Alternatively, a break below $50,600 would strongly suggest that at least a larger fourth wave is unfolding with key support around the $42,000 area.
Note that we need to see a break above resistance in 5 waves to indicate that a low of sorts has formed. For now, micro price action is still bearish and therefore I maintain a neutral stance, while watching for upside reversal signals.
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