This analysis is consistent with the analysis
We are currently probably in the first sub wave of the first wave of the cycle.
On the chart we see the breakthrough of the trend line, which connects the low from 11 December and 27 January. We also see that on January 27, the MA 50 Daily was tested. We are just above him now. This moving average is very important, because we have been holding it since October 8, 2020, and at the same time it correlates with the parabola. If we close the day candle under MA50, we will probably see a rapid fall.
The first bigger bounce we could see on MA 21 weekly. There I see the target of the first sub wave. If we break through it subsequently, we can say with high probability that we are in a bear market.
We are currently probably in the first sub wave of the first wave of the cycle.
On the chart we see the breakthrough of the trend line, which connects the low from 11 December and 27 January. We also see that on January 27, the MA 50 Daily was tested. We are just above him now. This moving average is very important, because we have been holding it since October 8, 2020, and at the same time it correlates with the parabola. If we close the day candle under MA50, we will probably see a rapid fall.
The first bigger bounce we could see on MA 21 weekly. There I see the target of the first sub wave. If we break through it subsequently, we can say with high probability that we are in a bear market.
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Yesterday, the BTC tested the MA 50 Daily and is now rebounding and testing the strong resistance and trendline it has broken. If he fails to resist and breaks the MA 50 Daily, my scenario continues.
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BTC tests the Point of control. This is the strongest resistance.
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critical point
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BTC has broken the invalidation level of 161.8% wave (a), now he is testing this level. Since she hasn't closed the candle weekly yet, I'd be careful. If BTC continues up, we can exclude Irregular or expanded FLAT.
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Notice what is happening on RSI. It creates a bearish divergence and stays below the trend line, while the price creates a rising wedge. Volumes are low, so the decisive movement is yet to come.