The wave (2) low has held. It is possible to count 5-waves up off the low, but I believe we are currently in a 4th wave on the intraday chart. This implies more short-term sideways action followed by an advance higher prior to seeing another very brief dip.
The current outlook is that we are heading higher in wave 1 of (3), which should be a multi-month advance with new highs. Initial target is $23,876.
Positive fundamental developments such as Kraken becoming the first crypto company to earn a bank charter help to support the 3rd wave narrative. According to Elliott wave theory, psychology is broadly optimistic during 3rd wave advances. How about Jim Cramer’s interview with Anthony Pompliano? (It’s worth watching if you haven’t seen it: https://www.youtube.com/watch?v=FEpwnqWTwus&t=0s) Cramer basically said he’s going to buy Bitcoin out of concern for the Fed’s actions. Should be bullish especially if he discusses bitcoin on his show – he has a huge following.
Happy Trading!