BTC 4h chart has locked in the 5 wave pattern at the making of the C wave lower than A wave. The current C wave close being $44671.58 as in Coinbase data. The C wave down have also made the target (1.618 times the 5A move).I am expecting a new 1-5 wave up pattern from here. That expectation would be crushed if we retrace pass the low of wave 4 at $37300.00. A reasonable retrace target (if we do retrace more) would be the 200 period average on the 4 hour.
This recent move down is partly due to AARK reducing exposure to crypto related stock. I am still bullish
BTC from a perspective of swing trading.The analysis is based on TD D-Wave theory by Mr. Tom Demark.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.