Bitcoin remains at the highs at the beginning of 2024, so we assume that more upside can be seen as recovery is acting like an impulse. As such, be aware of further gains within a five-wave cycle, where we are tracking higher degree wave III up to around 48k - 50k area. Looking at the 4-hour chart, we can see some sell-off after Matrixport’s latest report claims that the SEC will reject all Bitcoin spot ETFs in January, and final approval may be achieved in the Q2. However, we are still tracking two counts at this stage due to an upcoming decision of SEC on spot Bitcoin ETF. As a primary count it can be trading in an (A)-(B)-(C)-(D)-(E) bullish running triangle pattern within higher degree wave 4 before a bullish continuation for wave 5. But, according to secondary count, keep also in mind that recent jump could be also 5th wave out of wave 4 triangle pattern, so we should be aware of a larger, deeper and longer A-B-C corrective setback down to 40k-38k-35k support area.
Comment:
We warned about a corrective consolidation within uptrend, which has turned out to be a bullish running triangle pattern in wave 4 by current break higher for wave 5 of III. We still see room up to 48k-50k area, but now that we are in 5th wave and due to an upcoming decision of SEC on spot Bitcoin ETF, be aware of a new higher degree corrective slow down soon.
Comment:
Bitcoin came here, close to 50k level. Last time we said out of a triangle, but now this can be even an ending diagonal. Bulls should be careful if prices get below 44k level...
