Bitcoin is rising within a new five-wave bullish impulse

Gregor Horvat Wavetraders

Bitcoin with ticker BTCUSD remains in the strong five-wave bullish trend as expected, we have seen just a sharp wave 4 correction after the BTC spot ETF approval, but market quickly stabilized, recovered all of the losses and it's right now trading at 50k area.

Back on January 15th, we shared and article where we mentioned and highlighted a higher degree A-B-C corrective slow down back to 40k-38k support area.

As you can see today after only a month, Bitcoin is already back to highs in an impulsive fashion and it's ideally unfolding a new five-wave bullish cycle of the lower degree that can push the price towards 55k area or higher. So, after current wave (4) pullback that can be completed or still in progress just as a deeper flat, be aware of more gains for wave (5) towards 53k-55k area.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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