Bitcoin: On our way up to the last leg down
Updated
With the bullish price action of the previous weeks (higher low after bullish divergence on the MFI), we can be confident that 
BTC will reach our first target of $8200 and maybe even wick to our second target at $8600 (as pointed out in the low time frame analysis).
Hoverer, according to this Wave count this is only wave b of c within a complex WXY corrective pattern. We can thus expect a bounce at the channel top (if not earlier) down to our target c, ending wave Y at possibly $5500.
After that, if support holds, we might return to some bullish action in c of the higher degree, maybe towards our previous high of wave a of the higher degree.
Invalidation would be a break of the bear channel to the upside vor a breakdown below $5500.
Enjoy the coming week. Please share and comment.
BTC will reach our first target of $8200 and maybe even wick to our second target at $8600 (as pointed out in the low time frame analysis). Hoverer, according to this Wave count this is only wave b of c within a complex WXY corrective pattern. We can thus expect a bounce at the channel top (if not earlier) down to our target c, ending wave Y at possibly $5500.
After that, if support holds, we might return to some bullish action in c of the higher degree, maybe towards our previous high of wave a of the higher degree.
Invalidation would be a break of the bear channel to the upside vor a breakdown below $5500.
Enjoy the coming week. Please share and comment.
Trade closed: target reached
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