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Bitcoin remains nicely bullish and it’s coming nicely higher away from projected support as we talked about in the past weeks. On September 28, we mentioned the strong 24k support and highlighted an A-B-C flat correction within uptrend. Link . As you can see today, Bitcoin is finally breaking to new highs of 2023, moving out of a consolidation that has been in play since March of this year. We can see a nice and strong rise now, with some sharp exentions to 38k so we assume that more upside can be seen as recovery on 4h time frame is acting like an impulse. As such, be aware of further gains within a five-wave cycle for wave (C)/(3) up to around 40k area. Currently, it seems to be still trading in wave 3, potentially finishing subwave “v” of 3, so more upside is in view, just be aware of a higher degree wave 4 correction that can find the support around 34k-33k area. Deeper support would be around 31k-30k area.
The main reason why we should be aware of a corrective pullback soon is the massive BTC outflows from exchanges which are now at extreme levels, but of course, it may take some time.More By This Author:
Bitcoin Is Coming Higher Away From Projected Support
