BTC price action, we are game on as institution done stacking
On the left chart we have this downward channel which has been around for a month since the dump to 30 000USD. As we can see, we are trying to break this channel. The successful break will lead us to the bull case we were talking about in the previous analysis.
We can see on the right chart the EWT count I did on the BTC analysis. We can an ABCDE symmetrical triangle breaking down to 30 000USD level in an ABC format. However this was followed by an impulse wave going up. This is why I am tend towards bullish when I see this impulse up. After the correction was done, we are seeing another leg going up. On the 1H timeframe, we have broke this downward channel already. In two hours' time we will have the 4H confirmation of the breakout. You can buy at this level.
Keep in mind this is the first time BTC break the downward channel on high timeframes after a month of consolidation. Keeping above this level will be very bullish for further wave up. Looking at the fib extension on the chart on the right, we have an 1:1 extension at 42 000USD. This will be our resistance that we need to break. Let us observe and see. We hold 75% spot bag. No leverage/margin was opened.
We can see on the right chart the EWT count I did on the BTC analysis. We can an ABCDE symmetrical triangle breaking down to 30 000USD level in an ABC format. However this was followed by an impulse wave going up. This is why I am tend towards bullish when I see this impulse up. After the correction was done, we are seeing another leg going up. On the 1H timeframe, we have broke this downward channel already. In two hours' time we will have the 4H confirmation of the breakout. You can buy at this level.
Keep in mind this is the first time BTC break the downward channel on high timeframes after a month of consolidation. Keeping above this level will be very bullish for further wave up. Looking at the fib extension on the chart on the right, we have an 1:1 extension at 42 000USD. This will be our resistance that we need to break. Let us observe and see. We hold 75% spot bag. No leverage/margin was opened.