I believe BTC is finishing up a wave 1 structure. It may well break out through the major downtrend line (dating back since the last bull run). The wave 2 may come back down to test this downtrend line as support (this may also happen to be the 0.5 - 0.618 retrace of wave 1). After the wave 1 retracement and consequent re-test of major resistance/support, wave 3 can commence!
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.