Bitcoin is on the move and testing the top of the descending channel that it has established since reaching a Wave 1 peak back on December 24. What we are currently looking it is, likely, a breakout move into a Wave 3 by the bulls after the Bears got tired of waiting on timid bulls and pushed with a rather weak showing. This has emboldened the bulls and has pushed the bears into a temporary retreat. Currently, Bitcoin is sitting on a support high volume node. Though it may dip some the upward trend is expected to remain intact with a push, ultimately, to the $4950 price level.
What I expect from Bitcoin following this move is a significant rejection followed by Wave 5 which may even cross over the top of $5k before the bulls are exhausted and a rejuvenated bear movement pushes Bitcoin to new lows in the $1800 - $2000 region. This will, finally, see the capitulation the market has been looking for, and quite frankly, needs and we can finally begin a new market cycle.
In short - long positions are favored in the short-term as Bitcoin pushes toward the key resistance levels but long-term positions are bearish as it is likely the true capitulation movement of the market is not far off.
What I expect from Bitcoin following this move is a significant rejection followed by Wave 5 which may even cross over the top of $5k before the bulls are exhausted and a rejuvenated bear movement pushes Bitcoin to new lows in the $1800 - $2000 region. This will, finally, see the capitulation the market has been looking for, and quite frankly, needs and we can finally begin a new market cycle.
In short - long positions are favored in the short-term as Bitcoin pushes toward the key resistance levels but long-term positions are bearish as it is likely the true capitulation movement of the market is not far off.