Technical analysis by ew-forecast about Symbol BTC: Buy recommendation (12/4/2024)

Bitcoin with ticker BTCUSD is coming and moving nicely higher as expected, after Donald Trump won US elections, so coin remains in a strong bullish five-wave impulse on a daily chart with room even up to 130k-150k area. Price came nicely higher, out of a recent wave 4 consolidation into wave 5 of an extended wave (3) close to 100k area in the 4-hour chart. Now that BTC is slowing down, seems like it's making a higher degree correction in wave (4) before the uptrend for wave (5) of 3 towards 100k area resumes. It's ideally forming a bullish triangle pattern in wave (4), but alternatively be also aware of a deeper correction, which can still retest 90k-85k support zone.As expected, BTC jumps into 100K area, as Donald Trump has appointed Paul Atkins, a pro-crypto former SEC commissioner, to lead the SEC. Now that BTC is at 100k area, we should be aware of a higher degree wave 4 correction, but before it shows up, we may still see some short-term rally up to projected Fibo. cluster, triangle target and 105k - 108k area.After reaching 100k area, we can now see it slowing down as warned, but it can be just a higher degree A-B-C correction that can retrace the price back to 90k-85k support zone before a bullish continuation for wave 5. Alternatively, wave (4) correction can be completed as a running flat or running triangle.