Chart of the day

Where do we stand fundamentally?

After Bitcoin entered the ETF industry it staged a strong rally higher reaching almost 80000. The perspectives of the crypto industry evolved after introducing Ethereum ETF as well.

Bitcoin is consolidating inside the triangle with resistance at 72000 for a continuation higher. The recent rally higher was within a perfect four waves with a fifth wave extension left. The target should be 90000 upon a break above 72000.

Support for an upside extension and a test of 72000 is 65000 and an invalidation level of a fifth wave extension higher is 54000. Only a confirmed break below 54000 will lead to an invalidation of the new extension higher.

_{Look for long trade entries with a stop loss below 60000 to target at least 90000.}