From Friday’s open when the price of Bitcoin was sitting at around $4906, we have seen an increase of 8.68% measured to the highest point the price has been today which is at $5332.9. The price has fallen from there by 3.73% as it came down to $5137.9 at its lowest today but is currently sitting at around $5208.
Looking at the hourly chart you can see that the price of Bitcoin came above the presumed ascending channels resistance level and has retested it on today’s low as it bounced from it but hasn’t come up to the broken support of the minor ascending channel that was formed from Friday.
Since the price was below the 1.618 Fibonacci level an impulsive move was made past the upper resistance and the price continued its upward trajectory for another higher high after the interaction with the resistance of the ascending channel which served as support. The higher high was made to the levels of the previous one made on 3rd of April and since then the price started impulsively moving to the downside.
This could mean that the 5th wave of the upward impulsive move has ended which would then implicate that now we could be seeing the start of the retracement. As the price of Bitcoin experienced an exponential increase last week the price has entered into its corrective stage from 3rd till 5th ending as a three-wave ABC.
As we have seen the completion of the three-wave correction followed by what appears to be another five-wave move in an ascending channel the five-wave move of a higher degree has most likely ended as a retest of the prior high. We might see another increase if the 5th wave hasn’t ended but considering that the prior high was retested and the price found resistance there which it into a downward trajectory breaking out from the ascending channel in which the increase was made I believe that we have seen the end of the corrective upswing.
There is also a possibility that the minor ascending…