Happy Easter everyone!
I encourage everyone to spend this weekend with your family or friends, and therefore I am going to summarize the whole update into a few bullet points.
As you can see, we added a white triangle which emerged on the chart in the last week. Such triangles often emerge in a wave (4) or a wave (B). As of now, we remain on our expectation that bitcoin should continue its wave (iii) until the target at approximately 35’000$ is reached. If we’re lucky, the triangle is a simple pit stop on the way to the orange 1.618 extension at 35’436$.
Please note that the triangle is in a very advanced state and can break out any moment, it could be possible that we would witness a breakout tonight. Due to the irrational and unpredictable behavior of triangles, I can’t make further estimations on how this breakout will play out.
Additionally, the formation of the triangle unfortunately increases the likelihood of our alternative wave (1) – (2) scenario. The top of this movement is marked as alt.(1) and the triangle would represent a wave (b). This would mean that bitcoin would decline in the next weeks and ultimately, we would reach prices 23’000$ again. As some of you may have noticed, the bitcoin dominance (measures % of bitcoins market cap of total crypto market cap) is at a significant high and hovers below an important multi-year trend line. The triangle can be seen better on the chart below, make sure to watch it closely!
Please note that we are already invested in Bitcoin since the 15th of June 2022, back then we announced our first positions here on tradingview.
Long Bitcoin (BTCUSD)
AVERAGE EXECUTION PRICE: 20’714.20$
LONGTERM TARET: +120’000$