Until $BTC breaks above the daily 8 EMA line, I am expecting a lower low. As I mentioned yesterday, there are several technical hurdles and none has taken over yet. Details below.
Despite a Bullish Engulfing of yesterday, the coin struggles to accelerate so far. There is a chance that it is working on a more complex wave 4 of C such as a triangle or a bigger flat. Once wave 4 complete, wave 5 could be a very sharp or could take a form of a diagonal. Everything could happen within a day or could take weeks.
The main point as I type – I am looking for a lower low. Target area: 30000-24000.
So far – too many unknowns and I am waiting for the weekly and monthly (May 31) candles for a message.
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