Hello, my dear friends!
Yesterday I told you that $BTC can drop to $29k to finish the corrective wave 4, but today the price has collected the liquidity below the local lows and now is pumping. I think it could be the wave 4 in shape of flat corretion where wave C has reached the minimal target which I have not even considered yesterday. What is next? Let's try to understand!
On the BTCUSDT price chart we can see that the Awesome Oscillator has crossed the zero line, which means that minimal requirement for the wave 4 end is completed. Williams Alligator Indicator's lines have the narrow distance between them, it means that the impulsive move is incoming. Moreover Bitcoin price broke the key fractal level which preserved the downtrend. Now on the 4h time frame downtrend has officially ended.
Now we have the current impulse to the upside and I think it shoud be retraced the 0.61 Fibonacci level. If the impulse continues the 0.61 price level is gonna be higher, but anyway BTC should find support at this zone to continue the new impulse. I think that this impulse is the start of the last bullish wave 5. I have already measured the preliminary target for this wave - it's approximately at $31800. There I am going to look for the bearish reversal bar with the squat state on the Market Facilitation Index to realize that uptrend is over and I have to be prepared for the huge correction.
Best regards, Ivan
🔥Please, follow me and smash the rocket🚀 button to support me🔥
