Bitcoin in expanding diagonal

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 Bitcoin 4 hour chart


Analysis

In my earlier update I had mentioned that BTC is moving in an ending diagonal pattern and I will continue to hold that view. However, instead of ending diagonal I think it has opened expanding diagonal and from current levels it is clear that the crypto can move back up towards $22900-$23000 levels.

In expanding diagonal pattern, prices have completed wave iii and the internal structures looks corrective, this means it has opened wave iv on the higher side which can go towards the resistance of the red trend line (upper) inorder to overlap. As we are in the last leg of wave ii of one higher degree, there is a high possibility for a diagonal to occur which comes in wave c.

The summation is BTC can move back up towards $22900-23000 levels over short term.

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