BITFINEX:BTCUSD correcting as expected. In the next couple of hours, the price will reach a region of $45’000 and will find strong support. In the past weeks, there was a wedging consolidation, which connected two major waves – wave 4 with wave 5. I think wave 5 by Elliot Wave Theory started and there is a huge probability for a strong quarter and reaching levels even above $100’000.

In short term coming uptrend is confirmed by:

– On 1-hour time frame correction is Zig-Zag
– Dynamic support trendline on 1 hour TF
– Tests of previous swing highs
– Confirmed price action from daily & weekly

If you have any questions related to this trading idea I will be happy to provide you with answers.