Bitcoin Ending Diagonal in 5th Wave

4 May 2022

Bitcoin looks to have just completed a 5-wave cycle down on the 4hr chart. An ending diagonal formed on the 5th wave and a break of the upper trendline has provided an entry signal long for the A-B-C corrective phase. There is a major pocket of supply in the market around 43k, and it's within reason to speculate that BTCC could correct back to this level (a 50% correction of the last 5-wave cycle).