Bitcoin - A third wave rally is underway.
Updated
Bottom Line: A third wave rally is underway.
The rise from 41141.39 isn't yet in five waves, which we want to see form to reduce the risk of yet another fake low. The surge through the end of wave ((1)) favors that wave 3 is underway. It will travel 1.618x wave ((1)) at 48851.27.
(( )) denotes a circled number or letter
Disclaimer: Prices can vary between BITCOIN exchanges. Consequently, there may be differences in our chart prices due to different data sets. The analysis information is for reference only and does not constitute an investment recommendation. We recommend that people avoid trading on unproven exchanges vulnerable to hacking and theft.
The rise from 41141.39 isn't yet in five waves, which we want to see form to reduce the risk of yet another fake low. The surge through the end of wave ((1)) favors that wave 3 is underway. It will travel 1.618x wave ((1)) at 48851.27.
(( )) denotes a circled number or letter
Disclaimer: Prices can vary between BITCOIN exchanges. Consequently, there may be differences in our chart prices due to different data sets. The analysis information is for reference only and does not constitute an investment recommendation. We recommend that people avoid trading on unproven exchanges vulnerable to hacking and theft.
Trade closed: stop reached
I warned in the previous update that we wanted to see five waves form "to reduce the risk of yet another fake low." My caution was justified by the sharp reversal that has since unfolded.
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