BITCOIN: CANDLES SPEAK: 04.03.2021

Bitcoin seems to be following the path that I forecast in my Monthly/Weekly analysis on the weekend: https://investingangles.com/2021/02/28/bitcoin-monthly-and-weekly-28-02-2021/

Two days ago I mentioned the possibility of a bullish breakout, however, so far, the coin failed to close above 51079 resistance, forcing me to treat the current development as corrective.

I look at the current waves under microscope and this is what I think:

  1. The first wave off the Top, marked as (A), was likely a diagonal. It means that at least one more wave down is required to complete the correction.
  2. The wave up, marked as A, perfectly splits into a zigzag.
  3. The current wave B looks corrective and it could possibly continue down to the 45000-43000 area. If it is making a flat, as I bravely forecast in my monthly, ideally it should not fall below the top of wave (A).
  4. Wave (B) could complete with an aggressive wave C of (B), going back to 50000-52000 area. Wave C of (B) could also make a diagonal, hinting for a sharp reversal.
  5. Wave (B) should last until at least March 7/8 from the timing perspective.

Let’s see how it plays. So far, my longer time projection is followed as outlined in the monthly analysis:
“Waves B are the most difficult to forecast, but I would be brave to assume that it could take a shape of flat, would not retrace more than 50% of wave A, and would take a little longer to develop than wave A. And we also remember the new resistance at 51079.”

Good luck!

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