Technical Analysis

Bitcoin Is Breaking HigherDec 4, 2023

Bitcoin is breaking higher as expected after we noticed a corrective price action in wave 4 on November 23. CLICK HERE

Bitcoin Is Breaking Higher BTCUSD 4H Chart From November 23
BTCUSD 4H Chart From November 23

As expected, Bitcoin with ticker BTCUSD is breaking higher and we can see strong rise now, with some sharp extensions to 40k level. Notice that we see price in fifth wave, about we talked in our past updates when we were tracking fourth wave consolidation. Well, bitcoin is now moving out of that fourth wave now, with a strong and sharp reaction, so fifth wave can be even looking for resumption up to 43k-44k area where bulls can slow down, after five subdivisions within the current fifth wave. So as long as the market is trading above short-term 38424 invalidation level trend is up. But keep in mind that after every five waves, the cycle can change, so it can be a bit too late for any potential longs in the short-term. But longer-term trend is up, and will likely resume, especially after higher degree retracement.

Bitcoin Is Breaking Higher BTCUSD 4H Chart From December 04
BTCUSD 4H Chart From December 04

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