Thursday Update 26.01.2023 - Bitcoin
After our ethereum update, it's time to focus on bitcoin and how the price moved here in the past days.
Bitcoin successfully established another high at exactly 23'812$ and declined since then, this is very interesting since ethereum and most altcoins didn't push beyond their last high's.
We estimate that this spike was the last movement of wave (i) and until now, it doesn't appear that bitcoin pushes higher beyond 24'000.
I have said this in our last update and will mention it here again, the level of 24'000$ is tough resistance and I assume that we will break this level in wave (iii).
Over the course of the next days we should see lower prices and the bears should push bitcoin below 22'000$ and eventually below 20'000$.
It's difficult to spot a top in such a wave (i), but I can assure everyone on here, that the whole market should establish a wave (ii) in order to create a sustainable foundation for increasing prices.
AVERAGE EXECUTION PRICE: 20’714.20$
LONGTERM TARET: +120’000$