Bitcoin is finally having some follow through buying to sustain above 50k handle. Hourly MACD also indicates it’s building up some upside momentum again. Current up trend is back on track to 100% projection of 17629 to 41964 from 29283 at 53618.
Nevertheless, it should be noted that Bitcoin appears to be in the fifth wave of the five wave sequence from 29283, which is channeling adequately well. 61.8% projection of 37232 to 48264 from 47812 at 54629 could be the area to end the impulsive move from 29283.
Hence, 53618/54629 zone would be an area to finally take profit from long position, and wait for a counter-trend pattern to enter again.
