As discussed back in 2021, we were watching a correction in BTCUSD taking place after a 5-impulse wave move (marked on the chart) starting wave 1 of the initial bull market rally.
The next phase was a three correction, as marked ABC on the chart. We had measured a possible level of the correct to reach around 17257 from the confluence Fibonacci retracement level. Please see my previous post from September 2021.
The 3-3- 5 wave move into this level is now complete. This level has now been reached, and we see a bullish divergence in both the composite index and RSI indicators.
The quick move of the RSI from below 40 to 70 is a strong indication that a change in direction is about to begin. The RSI is holding above 40, being the base in a bull market, while the price is forming a bullish wedge after completing a small 5-wave move within the wedge.
A break and hold above the top of the wedge will see a fast and aggressive move high as we move into wave 3 of 5 which is always the largest wave.
Hang on to your hats, as the initial rally in BTCUSD will be insignificant to the rally that has already begun. Forget the moon, aim for Pluto and beyond.
The next phase was a three correction, as marked ABC on the chart. We had measured a possible level of the correct to reach around 17257 from the confluence Fibonacci retracement level. Please see my previous post from September 2021.
The 3-3- 5 wave move into this level is now complete. This level has now been reached, and we see a bullish divergence in both the composite index and RSI indicators.
The quick move of the RSI from below 40 to 70 is a strong indication that a change in direction is about to begin. The RSI is holding above 40, being the base in a bull market, while the price is forming a bullish wedge after completing a small 5-wave move within the wedge.
A break and hold above the top of the wedge will see a fast and aggressive move high as we move into wave 3 of 5 which is always the largest wave.
Hang on to your hats, as the initial rally in BTCUSD will be insignificant to the rally that has already begun. Forget the moon, aim for Pluto and beyond.
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