Bitcoin Weekly Chart
Happy New Year Everyone. I am breaking down the crypto currencies into their respective time frames to hopefully see exactly where we are in the price cycle.
Taking BTC back to 2013 on a logarithmic scale so we can count the wave action it looks to me that we are in the final wave (5) of (5) of this current bull run. So we will need to look into the shorter term charts to see exactly how far along we are. It is impossible to pick a time or price target, but given the lack of divergence, which I uise as a heads up that the topside is running out of steam, I expect to see new highs and remain bullish for the moment.
Bitcoin Medium Term Chart
Here I am showing the daily LOG chart of what could be the final push higher.
So lets break it down to see where we are at in the current rally.
It would appear that wave (iv) correction is still unfolding that will give us an opportunity to buy for the final leg and push to new highs. One possible target is the top of the channel but we will break the charts down once the rally gets underway.
So lets see if this correction is close to ending.
Bitcoin Short Term Charts
Looking at the short term hourly chart it looks as if the we are tracing out the final leg lower in the BTC to complete the wave (iv) correction. With targets at the bottom of the channel and the equality in length of wave A=C in the 85.5k-87k area, where we will start buying again, A move above 103.5K in the mean time will signal that wave (iv) is already in place and hold on to new highs.
Lets finally look at the very short term to see if wave (c) is close to ending.
Breaking down the sell off into a 30 minute chart then it adds weight to the previous pages view that we still have quite a bit further to go on the down side. It appears that only 2 waves are complete so far so we would expect another 3 waves down to complete wave C towards the levels previously mentioned.
So in summary;
Longer term we remain bullish .
Short term we are looking for lower levels to add to longs.
