The current count on Bitcoin is showing that we have finished the corrective wave marked as 5/C on the chart. Looking at the behavior since the low on June 22nd we can see a small sub wave 1 up and then the sub wave 2 down ended on July 20th, 2021. June 22nd price bar also created a PROFITUNITY Wiseman buy signal.
Bitcoin has been going up in prices and has broken the 50K mark. This wave has had a slightly different look as the price action is going in and out of the Alligator’s mouth but still going up steadily. There is a small divergence in the current wave based on the AO and price, however this could be an extended impulse wave.
We do expect a pullback of the larger wave 2 in this new impulse wave up, after that we could easily see new highs above the last impulse wave 3 up in the 70K area..
An alternate count is always considered, when we look at the weekly chart there is a small chance that this is all part of a larger degree corrective wave- if that count is true we will have a large C wave down to come. There is no way to know if this is true until the market tells us. This can happen in two ways, Bitcoin may continue up and take out the previous high which will confirm our impulse wave count up.
If it retraces below the low of sub wave 2 (July 20th) on the chart then I would have to consider the larger degree correction as the count and could expect another corrective wave down.
For now, we will continue to follow the market up and enjoy the ride as an impulse wave!
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