Bitcoin (BTC) Morning Update: Original Impulse Up was Never Invalidated

SUMMARY

Bitcoin (BTC) overnight price action has it so that price still remains above the upper blue line of the wedge pattern it broke out of. The blue waves show on version of an impulse motive up. For any trend reversal, the earliest sign of it is an full impulse motive and the blue waves are trying to show that pathway.

The other version is that the five blues are complete and there is a minor wxyxz sideways correction in progress before a second round of impulse is initiated. If so, this would be bullish.

The longer term picture of an abcde (blue) has it so that blue wave D could have been initiated.

The retracement was about 0.78 Fibonacci and note the white wave 1 and 2. That count has not been invalidated and this was discussed a couple weeks ago, before the minor correction of white wave 2 started. So, if white wave 2 is complete, which wave is next? Wave 3 and it's usually the most violent in its moves.

So, here again is the same longer term impulse count showing how the white waves 1 and 2 fit into the future potential targets and timeline. This would be made more likely IF price decides NOT to complete the longer term blue E wave in the symmetrical triangle and price decides to breakout at the blue D. Both are converging to a decision point and either way, it could be quite bullish.

Here is the daily MACD where the white 12 day indicator continues to curl upwards:

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