BITCOIN: CANDLES SPEAK: 17.05.2021

#Bitcoin at an inflection area – 43k is a very strong support. I view the following paths as the most probable for mid term.

Forecast:

  1. If 43k support stands, expect wave (B) to develop for 33 or more days (small green rectangle), bouncing between 43000-55000.
  2. If $BTC breaks through 43k, it would open the path to 34k, 29k, and possibly lower.
  3. As the coin retraced 38% of the wave off March 2020, the correction could be over, targeting 70-80k. However, the long term candles do not support this yet. Need to close a week above 59k.

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