Thursday Update 19.01.2023 - Bitcoin
Our lead analyst Benjamin Mendenmein is currently on a well-deserved holiday.
I Vincent Mendenmein will therefore provide today's update on both bitcoin and Ethereum.
Not much has changed over the last few days, regardless of this, I want to give a short update about the current wave count. It is very likely that we have finished wave (iii) and are in a wave (iv) correction. The wave 4 correction should reach the green Fibonacci zone at $20372-$18950. Please note however that wave 4 corrections can behave according to the statements listed below.
Wave (iv) characteristics (Crypto)
1. Price often moves inside a triangle or wedge.
2. Price barely touches 0.236 retracements.
3. Wave (iv) correction can be very short-lived.
Regarding these rules, it is possible that wave (iv) is already done, however it is most likely that we will dive deeper into the green Fibonacci zone at $20372-$18950.
In addition to this it could be possible that wave (iii) isn’t over, for this scenario to be validated we need further price surges into the orange Fibonacci zone.
Thank you for reading the update and see you next Tuesday!
AVERAGE EXECUTION PRICE: 20’714.20$
LONGTERM TARET: +120’000$