BTC Cycle 1 out of 5cycle.
Cycle 1 for Impulsive uptrend
Pattern Forming: Bull Flag
Target Ranges bewteen 8800$-9100$.
The cycle 1 theory of my BTC analysis stand for EW count for an Uptrend Impulsive waves.
In reference to my previous post where we made mention of our starting point of the wave count to be the yearly low so far at 5724$.
Principal Wave 1 is almost over, presently trading on sub wave (4-5) of wave 1.
Level to watch for possible reversal are:
7865
7775
7650
7585
Note:
If all the above level break then it implies we are on larger correction and Cycle 1 is completed and Corrective wave 2 in progress.
Cycle 1 for Impulsive uptrend
Cycle 2 for Corrective wave
Cycle 3 for Impulsive uptrend
Cycle 4 for Corrective wave
Cycle 5 for Impulsive uptrend