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February 28, 2022 at 5:00 AM
by NewWave Traders

BTC tests critical levels to determine if the push to higher prices is a bull move or a bull trap. For a more detailed breakdown with clear invalidation prices, check out this week's video on YouTube:


The question with BTC is whether or not the recent big move down is a five-wave move or not. Unfortunately, price action will need to play out a little more to know if this recent rally is a 4th wave, which could have the 5th wave push prices below 32K again. That could be the start of something larger to the downside, but it could also present an ending diagonal, which could lead to large gains. However, if bulls reclaim the 42K, 46K, and 52K levels, this shows strength in the market and would indicate that the bulls have taken control again. For more details on BTC's price action, check out the YouTube video.


The ETH chart looks a little more bearish than BTC as the recent rally appears to be more of a three-wave move, which indicates that the consolidation taking place right now may just be a flat that connects further to the downside. Invalidations of a bear market would be if ETH can push above 3500 and 4000, as those are key areas of resistance. For clear invalidations and potential trade setups, check out this week's video