Local upward movement in wave v

25 Apr 2020

Bitcoin is traded in a narrow range of $ 200; going one way will give a clear signal direction. If we take into account the growth from April 23rd and take into account the fact that the continuation of the trend is more likely than its change, then we should expect breaking through the consolidation and retesting the 7800 mark and updating the local high. From the point of view of wave analysis, the price drew a five-wave motion with a stretch of the 5th wave in the 3rd. I take into account that the third wave had almost vertical growth, we can draw a signal line 2-4 (for now, we only assume where to end 4th) and parallelly draw a line through the end of wave 1 and so we can roughly calculate the end of the 5th wave.Wave 5 can also be a little more than 127% of wave 4. All previous arguments point to the 7900 mark as the end of the upward movement. At the same mark, the level is 0.618 Fibo from falling from 10560. To summarize, the goal of fixing the transaction in long there should be a level of 7900, respectively, leaving under 7400 (where all the longs holders hide their stop orders) will give a strong push and a good decline