Chart of the day

Where do we stand fundamentally?

Bitcoin has been affected by the recent USD strength but not so much as it has pulled back to 58000 and did not change the bullish uptrend. The crypto industry is also been hit by an SEC investigation against major exchanges.

Bitcoin is testing the strong upside resistance of 58000. A bounce off this support is required for a bullish extension in the fifth wave and a retest of the previous high of 72000 on a road to 90000

An invalidation level of a fifth wave extension higher is 58300. We need to see a confirmed break higher above 72000 to an extension into 90000.

_{Look for a long trade entry with a stop loss below 58000.}