BTC Wave-by-Wave Analysis 2: Bullish Scenario

1 Mar 2022

The recent pump of BTC from 37k to 44.2K is a clear sign of an impulsive wave, however, the internal counts of the said pump are not yet completed. I am projecting a 5th wave extension of the third wave 44.8K-46K zone which will also challenge the 45.8K horizontal support. When these zones are reached I am expecting a retracement of the completed 5th wave extension of the third wave that can go as low as 39.4-41.4K which is also supported by the volume going down. Invalidation of the 5th wave is at 37948 and will be confirmed when it goes down below 37K.

Although, I have chosen neutral here for I am only expecting a mini pump but in the higher timeframe, I am still bullish unless my technical analysis gets invalidated.