After today Powell’s speech Bitcoin demonstrated the local volatility increase, but in mid-term picture it has not changed anything. As I told you many times events and news do not change the trend direction. It’s just noise which makes the trading decisions more difficult.
I have been waiting for almost a week how the waves will be formed and made a conclusion, that wave 3 of any order has been finished exactly at 1.61 Fibonacci extension level. Minimum Awesome Oscillator’s value give us the precise answer where the wave 3 has been ended. The fact the AO crossed the zero line tells us that wave 4 is in progress and close to it’s end.
In my opinion, wave 4 has the shape of triangle correction, which is not obligatory has to retrace too high. Therefore, we can count the wave’s 5 target. It’s minimal target is located $25200, maximum one – at $23500 (see my previous analysis).
My plan now it looking for the short trade entry, I cannot see here any potential pumps.
Best regards, Ivan