BITCOIN … need some energy/thrust to prove low in place

last post on Bitcoin: https://bartscharts.com/2021/05/23/bitcoin-so-far-making-sense/

the chart below is the “bearish” short term case … as you can see from the title, right now, we have been making the stair steps of “higher lows” but it’s not a THRUSTING or MOMENTUM move like the one we saw off the low in/around 30K and the geometry/form is starting to “look and feel” like a 4th wave triangle …

so, need the 38,340 and 40,000 to get taken out to the upside by momentum and a daily close else we are going to be under some more pressure …

the good thing .. we have a clue where we are w/ both scenarios so we can plan accordingly.

in this case, the triangle, they “usually” occur in the 4th wave and then have sharp reversals … mid 20’s can be expected if the bearish triangle is in force.

if not, then the “stair steps” should hold and we are beginning a move into the 70’s …

the chart below is the chart we are currently working off .. in this case we are following the bullish case that the spike low in/around 30K was the end of the C wave and we are going to advance …

need to see some thrust/momentum UP to validate the low is in place … so far, that is our running gameplan.

truth in advertising, always, on my blog … the bearish triangle gains traction the longer we just limp along like the dead cat bounce this might be …

Author: BART

BART is a CMT and an expert a "advanced" pattern recognition used w/in the intermarket analysis discipline. He's also an accomplished Business Development Executive providing solutions to a myriad of business markets.

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