Bitcoin - breakout through the top of a falling wedge will confirm start of a new rally

My count has not changed. I count that decline off the top at 4,368 made in December 2018 as the top of wave ( a ) up off the low at 3,217.

Not only that corrective wave ( b ) down has a fully completed structure but it also looks like a falling wedge, an easily recognized technical pattern likened by many traders. Now it’s an easy setup. A breakout over 3,600 would confirm completion of a corrective wave ( b ) down and give a signal of start of a new rally.

At this point I lower the critical resistance to 3,600. My target for the upcoming move up in wave ( c ) up is still 5,000.

Bitcoin - 30 min chart updated on 3 February 2019

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