Tracking this Wave Count on the daily, where we are currently completing Wave 3.
Given that we created a lot of imbalance during this impulse up, Wave 4 should ideally complete within the 2222–2112 region.
However, I’m also eyeing 2324 (0.236 Fib) as a potential front-run level for Wave 4, which could give us a bounce and send price towards the 2784–2966 region before a significant pullback into that lower region.
A Flat Pullback for Wave 4 wouldn’t be surprising, considering Wave 2 was extremely sharp, And usually after strong impulses like this, you don’t see a deep pullback immediately after.
#BTC is currently trading around $78K and testing a major daily resistance zone.
The descending trendline has rejected BTC multiple times in the past, and price is now back at the same area around $80K–$82K.
$BTC is also stretched after the sharp move from ~$64K, while the 50 MA/EMA is still below price. I’d avoid chasing here and wait for a clean daily close above the trendline for confirmation. If rejected again, a pullback toward the moving averages could be on the table. Let’s see how BTC reacts here.
$ETH has gained around 30% in August and is now trading near $2,450. Analysts are watching whether the momentum can push ETH toward the $2,750 area next.
Do you remember how, a few years ago, the prices of gold and silver fell while the price of Bitcoin rose? Will we see something similar happen this time?