MattSzwyd
Long

Will the upcoming BTC fork solidify wave 5?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
We're less than a week away from the upcoming BTC fork, which (if history repeats itself) may provide the requisite sell-off and subsequent rapid buy-back to propel BTC above the 5800 level. (I have placed a warning sign on the chart to indicate when this is set to occur.) In the context of things these new highs are bittersweet --- the completion of wave 5 essentially predicts upcoming, long-term corrective activity before the next impulse upward. More on this later (perhaps), as it does not pertain to my analysis.

What I really find interesting is the similarity between wave 3 and the current shape of wave 5, which are nearly identical. While a candlestick-for-candlestick copy of price action between these two waves may be too good to be true, the current behavior of wave 5 is clearly rooted in that of wave 3. That being said, a move higher following an initial dip at the fork is plausible. I'll withhold judgement on what happens to BTC after the $6400-6500 level is reached, until then it is simply my PT.

Comments

Great spot. keep it up!
+1 Reply
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