The wave 2 bottom has been set at almost exactly the 61.8% retracement of wave 1. Wave 2 started on June 26 and ended October 23. So, wave 2 lasted for almost four months as opposed to six months for wave 1.

Since wave 2 must be labelled complete, from now on we must consider prices to be in wave 3. As the move is very young, I do not see a reliable count yet. All that can be said about the recent move up is that it has a clear impulsive character, not corrective.

Since we're in a wave 3 impulse now, overbought situations no longer count as we are going to get into very overbought terrain and prices will still be moving up. Nonetheless, it may be of interest to note that this wave 2 ended on weekly stochastics that are very oversold combined with clear divergence on the daily MACD's.

The Renko chart has added two bars up for October 26, indicators are also turning up, but no change in colour by the trend indicator yet.

Above you see a screenshot of the new June 2020 option series. As you can see, they're expensive and the bid-ask spread is wide. Given the expectation that bitcoin prices will be around $13k at the halving in May 2020, buying call options is not going to be that profitable. For instance, you buy the call June 10k now for 0.27 BTC or almost $2500. In May 2020 when prices are at 13k, the 10k option will be worth 3k$ or 0.23 BTC, meaning you would make a small profit in USD, but a loss in BTC. Clearly not good enough. Buying more 'out of the money' options doesn't really make a difference.

You can also write a June 10k put for 0.3 BTC, which is better. However, if you're going to write, then probably it's better to write a March $10k contract for 0.25 BTC and start buying vanilla calls after that because the real price explosion usually occurs after the halving. Still, gaining 0.25 BTC is not good enough as you're better off buying the underlying directly for a lot less risk and eventually more profit.

Hmm, to be continued