CastAwayTrader

Bitcoin - looks having bottomed in a major corrective wave 4

Long
BITSTAMP:BTCUSD   Bitcoin
This decline in Bitcoin stopped over the critical support at the low made by the previous correction in subwave B down of wave 3 up. That means the bullish structure is still valid. As long as a stock or cypto keeps making higher highs and as long as every pullback respects lows made by previous corrections we can expect new higher highs to come.
After completion of a corrective wave 4 down we should expect another rally in wave 5 up. That wave 5 up should have an A-B-C subdivision. The first leg up in subwave A up may stretch to 53,000. But the first resistance to clear is located at 45,000.

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