Sunday Update - Bitcoin
Good evening everyone, tonight we have a few important things to talk about.
As mentioned in the previous updates, the last week has been very turbulent for the markets and Jerome Powell didn’t really help with his speech in congress.
Our bullish count which we featured in our update in February got invalidated and our alternative count of the alt.(ii) got activated. We estimate that the top of this wave (i) was at exactly 25’234$ and since then we moved in multiple a-b-c waves which climaxed last Friday.
For now, we expect that the market should move higher in the next days. As marked on the chart, we count the last crash as a wave (a) and we also highlighted our next alt.(ii) which would mean that the market already finished the correction in wave (ii). At the moment we can’t really say which scenario will play out, the next days however will give us more clues.
Whether a corrective (b) wave or a direct start of wave (iii), it’s important to think of the long term movements when opening further long positions.
The blue trading zone resembles attractive levels to open long positions, remember that at the end of the day we still believe that bitcoin won’t establish any new bear market lows.
Please note that we are already invested in Bitcoin since the 15th of June, back then we announced our first positions here on tradingview.
Long Bitcoin (BTCUSD)
AVERAGE EXECUTION PRICE: 20’714.20$
LONGTERM TARET: +120’000$