BITCOIN: WEEKLY 20.02.2021

The fantastic rally in BTC over the last few months hints that this has likely been a major wave III. If it is so, the stock has reached the 2.618 Fibonacci level off the all time low and is sitting at 5.0 level off the 2018 low. While there is a chance for BTC to hit 75000 (3.618), I view the current level of 55000-60000 as a possible level of reversal and entering into the wave IV territory.
The major all time channel (the widest one on the chart) seems to be supportive of the idea above.

Once the top of wave III is established, I would be able to project the next possible targets for the retrace. The last week of February would be crucial for the next weekly and the monthly candle prints, foretelling the path projection for this year.

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