Bitcoin sold off somewhat in the past few hours and thus continued approaching the turquoise Target Zone (coordinates: $40 323 - $35 374). Within this Zone, we now primarily expect the low of wave (iv) in turquoise to be developed and the trend to turn north again. Following this interim correction, the cryptocurrency should then move safely above the resistance at $44 747, where wave (v), also colored in turquoise, should ensure the completion of wave 3 in green one level above. The turquoise-colored Zone can be used for (renewed) positioning on the long side; those wishing to hedge could set a stop 1% below the lower edge of the Target Zone.
