Bitcoin is currently bouncing off from a 4 hour supportive zone 5911.46-6390.01. We expect the bounce from this zone to have marked the end of the previous five wave cycle, that any clear movements to the upper side will be the unfolding of another five wave cycle and should first breakout above the upper trend line, but should not go above 12733.85. This view can only be invalidated in case the price breaks below 6390.03, and even then, we’ll only be interested in a short position should price break below 5911.46.
Wait for a buy opportunity.
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