What is Bitcoin doing?

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Bitcoin hourly chart


In the above hourly chart, a two converging trend lines are drawn in which prices are moving within, giving an indication that symmetrical triangle is forming. In a triangle pattern the requirement is, there needs to be two touch points on both the trend lines. In this case the requirement is fulfilled.

From Waves perspective, a triangle needs to have five legs within (a-b-c-d-e). All the waves in the pattern is corrective in nature. In the above case wave d is completed and wave e has opened, this wave e is not may or may not touch the lower trend line. So I expect that prices should fall in a range of 9700-9600 levels where wave e will complete. After completing wave e lower which will also complete wave b on one higher degree. Prices are expected to start wave c higher which can be 61.8% or 100% of wave a of one higher degree. So prices can move till 13390 and or 15780 respectively. 

The summation is, the bias for Bitcoin is firmly positive. The Crypto currency can move down close to 9700-9600 level which is a buying opportunity as it can soar near till 13390 levels and can extend gains till 15780 levels over medium term. 

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