Bitcoin’s strong rally today, with 34899 resistance firmly taken out, suggests that the five-wave triangle consolidation pattern has completed at 29283. That’s slightly early than expected, leaving 28989 support untested. Anyway, for now, further rise should be seen to 40000/41964 resistance zone.
We’d expect this resistance zone to be taken out to resume the larger up trend to 61.8% projection of 17629 to 41964 from 29283 at 44322. The move out of a triangle pattern could be a terminal fifth wave. Hence, we’d look for strong resistance around 44322, to limit upside to form a “real” top. We’ll hold on to this bullish view as long as 31987 support holds.
