Bitcoin remains the best manifestation of excess liquidity of our times. So as an indicator its charts keep getting clearer as patterns and wave counts start to show up very clearly given the large participation in the instrument. EW is nothing but a measure of psychology of crowds. So the chart below shows the breakout post the 7800 mark last discussed that led to one leg higher. This new leg fits a rising channel and prices reversed from the upper end [log scale], perfectly and pierced the lower end though not closing below the lower end. The lower end at 9480 and rising steeply is the key support now, and a break would mark a short to medium term trend reversal in prices again.

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