Bitcoin: Finishing a triangle before another leg down
Bitcoin is currently doing a secondary wave 4 in the shape of a descending triangle, as shown in blue in the chart above. This means that over this week end we should experience a small uptick and then the bear market should resume on Sunday evening up to December 15th, which would mark the bottom in my opinion with a secondary wave 5 touching 42K again. Why is that? It's because the Fed is going to announce this Wednesday it's master plan when it comes to tapering the monetary stimulus and hiking interest rates next year. It's almost certain the market will remain skittish until that date.
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