Bitcoin And Ripple Gear Up For Another Rally
Gregor Horvat | Oct 20, 2021 05:40AM ET
Bitcoin has surged since the launch of Bitcoin Strategy ETF (NYSE:BITO). But, the rise is out of wave (iv) triangle pattern towards wave (v) of into 261.8% Fibonacci extension. A new pullback could be around the corner.
Support is at the $58,000-$54,000 levels. However, Bitcoin is at an important level on the daily chart.
An alternative temporary top is a probability as part of a completed 5th wave.
Ripple made a three-wave A-B-C correction towards the projected support, ideally as part of the wave (2).
With the current bounce, it seems like bulls are still active here, so if it rallies back to the 1.1850 level, we can start tracking wave (3) of a five-wave bullish cycle.
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