Bitcoin Wave Count Anticipates Breakout Above Range Highs
The daily chart suggests that BTC began a bullish impulse (shown in white below) after the March 13 low and is currently in an extended third cycle wave. The wave count for this extended cycle wave is given in blue, with BTC currently in the fifth wave.
It previously seemed that this was a large corrective structure. However, the lack of rejection near the all-time high price and the consolidation that followed makes it more likely that this is a bullish impulse.
A closer look at wave 3 shows a completed sub-wave count (orange), which increases the possibility that this count is accurate.
Furthermore, sub-wave 5 is exactly 0.618 of sub-waves 1-3, a very common ratio when sub-wave 3 is extended.
Therefore, while wave 3 (blue) has most likely ended, it is not yet certain if BTC is now in wave 4 or it has already completed it.
One possible short-term count suggests that BTC has already begun wave 5 (blue).
The sub-wave count is highlighted in orange and shows that BTC has completed sub-wave 2 and is now increasing in what is likely sub-wave 3. The increase looks impulsive (highlighted in green), supporting this possibility.
However, there is one issue with this count. Wave 3 has been transpiring for more than two months, while wave 4 in this case is roughly one week (highlighted in red), a very unusual ratio between upward move and correction.
Read more here (https://beincrypto.com/bitcoin-wave-count-anticipates-breakout-above-range-highs/)