Due to the recent price action i like to give you a quick update from work.
We got a drop as expected but not as deep. BTC turned around and got impulsive with good volume behind the move. We now got new trend lines showing us more clearly what to expect in the near future.
We are now very likely in wave 3 of 5 and after measuring wave 1 i expect wave 5 to end up close to 8,200 USD. Fitting very nicely into the new ascending wedge. The coming correction after 5 waves up is usually not less then 0.5 of the whole move up. Combining with a longer trend line, from where the move of wave 3 of 1 started i pointed out a possible area and date for the correction to end.
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