bnqview的BITFINEX:BTCUSD的Pt3. The beginning of last 5 wave up to previous highs.

Pt3. The beginning of last 5 wave up to previous highs.

Hi!

After some turbulent uncertain times followed by the ill-timed ETF rejection news, we are most certainly back on track.

- Bitcoin made a fast and solid recovery, that at first seemed to be much harder as volume was declining and bounce was nowhere to be found.
- The new wave count indicates a first wave up and forming 2nd down.
- We can expect a bigger pole than the first wave up for the 3rd wave
- Key point is that Bitcoin holds this upper part of the previous ascending channel to make its way up the even steeper channel to 5th wave completion.
- Bullish pennant looks nice

Bullish all around, but would be stupid not to prepare for a bull trap as the market makes what it wants. Be sharp, be safe!

All the best! -B

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Bullish pennant:

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Corrected my wave count positioning

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3 possible scenaarios

1. Bullish pennant breaks to the upside with continuation and a retest (3rd wave high) @8500
2. Bear trap! Drops to channel bottom @800 ish, before bouncing furiously up.
3. Bear to Bear and down to heavy support@7600

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Sorry for the change in themes, I'll stick to the last one for now. Is it looking good for everyone?

AND

Thank you for the support!! :) :)

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As I see it:

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could this be the bear trap, falling down just to trigger stop limits!? Interesting!

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Pennant just got longer

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Initial upwards breakout attempt ...

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Bitcoin is setting up for the next break up from this ascending triangle/bull flag. It is getting really close now. Bitcoin is having some luck on the media side as well. Looks promising for a move up.

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AND Bitcoin being Bitcoin. So the support for this tunnel is @ 7700. This might be a shake off.

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So the last prediction happend now. we are testing that flag/channel bottom now. Hope it holds or we are up for a volatile disruption to this bull run.

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Hmmm...