The rally of the past weeks seems to lose momentum, and we are pretty sure that the top of the wave (i) was established last Saturday
Back then the price exactly hit the important 2.414 extension and the yellow wave (v) seems to complete the whole bullish impulse. It's possible that the price may spike a last time over the 2.4141 extension but this won't change our expectation of an upcoming wave (ii)!
From bottom to top, bitcoin gained more than +50%, impressive and a further hint that the Cycle Bottom seems to be “in”. So that you guys have a better overview of our count, we decided to provide the 1D chart first rather than the short term 8H chart.
Most investors and crypto experts on twitter may hope that the price will push further beyond 24’000$. We estimate that bitcoin will hit this target and even breach the 30’000 level again, but first we need a clean wave (ii) which should push us down in three a-b-c waves. The good news is that we are all going to get a second chance to accumulate further positions in our blue buy zone, the bad news is that we are going to see declining prices for the next 2 weeks minimum.
I wouldn’t be surprised if bitcoin and the whole market would enter a boring sideways trend as soon as we reach the buy zone, from my experience I can tell that oftentimes the market has to cool down after such an impressive rally. On the upside, we can calculate a price target of wave (iii) at the 1.618 extension, which is highlighted at +31’200. Bitcoin should at least touch the 0.5 retracement of our buy zone and if we manage to gain enough momentum we all have a minimum of a +60% gain in wave (iii), so be patient and take this upcoming opportunity.
I like to repeat myself here again, as I stated in our last update, we are going to accumulate further positions too in the highlighted blue buy zone. All positions will be announced here real time, so don’t forget to check in every other day!
To finish things off, we still cover a bearish alternative but as long as bitcoin doesn’t crash in an impulse structure on the downside, we aren’t going to cover it here.
Please notice that we are already invested in Bitcoin since the 15th of June, back then we announced our first positions here on tradingview.
If you should have any questions whatsoever, you can write a comment or contact me directly!
Long Bitcoin (BTCUSD)
AVERAGE EXECUTION PRICE: 20’714.20$
LONGTERM TARET: +120’000$