Chart of the day

Where do we stand fundamentally?

Bitcoin pulled back during the recent stock market sell off and once again confirmed that is rather risk on instrument then risk off and not so correlated to USD.

Bitcoin is being rejected by the strong LT upside resistance 70400. For an extension higher in the fifth wave we need to see a break above this mentioned level.

An invalidation level of a fifth wave long-term extension higher and a bullish cycle is 48800. This extension higher could lead to 90000 target in the medium-term to long-term upon a break above 70400.

_{Try a long trade entry with a stop loss below 52000 to target 70400 and higher.}