Chart of the day

BITCOIN is being rejected by the 49000 which could prove as the fifth wave high. A break below 41800 confirms this and could lead to an acceleration lower deeper to 33000.

Only a clear confirmed break above 44000 will invalidate the downside and lead to an extension higher to 49000 again. A confirmed break below the 33000 level will completely reverse the long-term uptrend. The short-term rising wedge has been broken to the downside and we should use this opportunity to go short.

Short-term short trades could be opened here with a stop loss above 43200 Long trades should be opened only upon a confirmed break above 44000. I am inclined to see an extension lower to 33000 for a test of a key support.