Thu, Jul 29, 2021 @ 12:18 GMT
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Bitcoin in second leg of corrective pattern, could top between 55-57.5k

Bitcoin’s rebound from 44027 resumed today by breaking through 52566 resistance and hits as high as 54490 so far. At this point, the structure of the rebound doesn’t warrant that it’s resuming larger up trend. Instead, it could mere be the second leg of a three-wave pattern that started back in 57529.

Hence, we’d start to look for reversal signal between 100% projection of 44027 to 52566 from 46417 at 54956 and 57529 high. Break of 49369 support should start the third leg of the corrective pattern back to 44027 support and possibly below.

Nevertheless, of course, firm break of 57529 will invalidate our view and bring up trend resumption sooner than expected.

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