Now, the tell tale sign for whether we are continuing in a or back into a will be whether or not a wave failure occurs after the five impulse waves up. If we see a wave 3 forming, then we can start re-positioning for an uptrend. if not, then expect to see a further Z wave down (marked as dotted lines; bottom is just a possibility; note that it does not have to be a and can instead be a flat or a truncated wave)
Looking at the current chart at 12:41am GMT on 24 Feb, I'm sensing that the bulls are getting a grip on the market to punch up. So I'm updating my hypothesis that the upward trend we saw last night was NOT a wave X, but a wave 1 instead.
Provided that we have enough volume pouring through, and that Bitcoin doesn't panic and freak out with a crash, we should be heading for another nice ride up to €750.
Watch out for resistance in the region of €720 - €730. Stay cautious, stay profitable!