Bitcoin

Is the Bitcoin top in?

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Maybe, and there are a few indications to think about here from an EW perspective, but also a few ways to count this intermediate degree 5th wave. Working back from the triangle 4th, what seems to look right is this interpretation here, labelled as submicro degree.

The 2-4 trendline of an impulse gives us the main indicator of whether or not the pattern is still intact. So, for the time being, what is confirmed to be finished is the submicro impulse.

The trouble is that the submicro 1 could either have its origin at the 65k support, as shown, meaning a series of 1-2s in an extended wave, or it could be the end of a leading diagonal, shown with the white trendlines, count in grey.

So it could well be that the labelled submicro 1 is actually the end of that entire leading diagonal, and the triangle is the 4th of the same degree, indicating that the intermediate 5th is complete. This would be further supported by the achieved equality between intermediate waves 1 and 5, shown by the fib extension tool. The significant price level of (almost) 100k adds more support to that interpretation. Likewise, the oscillators show divergence on the weekly time frame.

In any case, the pivot low trendlines are always a good basic indicator of whether or not that trend is still intact, so the next line to be aware of is the blue line shown. That would also apply to the larger degree trendlines, and breaking the intermediate 4th's 2-4 trendline would all but confirm this run to be done.

I'm not calling it either way, and I still have reasons to think it will hit the upper targets, although according to what I think is the best interpretation of this intermediate 5th, it looks done.
Note
And just to say, if this impulse is indeed finished, all that means is that there will be a new buying opportunity when it retraces and finds a bottom. Long term, I don't see any other way but up.

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