welcome to another update blog about Bitcoin and yeah it’s been a really slow day. The market broke briefly above this descending trend line indicating that possibly this Cwave within wave B might be unfolding since then has come down a little bit but it’s forminga higher low at the moment or at least well okay, we haven’t got a low in place as a higherthe price is holding above the 62,318 level the yellow wave count remains the preferred scenario. What is that wave count?The scenario suggests that a third wave topped here that was around the 13th of March. We had that pullback but that was not all of wave 4 instead it was only an ABC structurein a larger A wave. I’d like to see an ABC structure now in a B wave into the region between 69,921 and75,000 possibly even though it’s a bit of a stretch target up there for that C waveand within B and then we should see a larger C wave to the downside and the price shouldstill be able to hold the orange larger support zone which is a relevant support level alsoon the daily chart.So we have really only so far tested the earliest or the highest Fibonacci level in this yeahaccording to this wave count basically in this support area which is the 23.6 Fibonaccilevel which is relevant for a fourth wave but it’s just very shallow and that indicatesBitcoin has a lot of space if it needs to use it for example the $55,400 level is typicallyan ideal target for a fourth wave.So that’s sort of what we are watching.
