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

Bitcoin Coming soon to enter the 100K Area Bitcoin comes in with the ticker BTCUSD following Donald Trump’s US election win and as expected it is rising nicely, hence the coin remains in a strong bullish five-wave impulse on a daily chart with room to even go as high as 130k-150k. The price has bounced nicely from a wave 4 consolidation close to wave 5 of an extended wave (3) close to the 100k area on the 4-hour chart. Now that BTC is slowing down, it looks like it is correcting higher in wave (4) before resuming the uptrend towards the 100k area for wave 3 (5). Ideally, it is forming a bullish triangle pattern in wave (4), but alternatively be aware of a deeper correction that could retest the 90k-85k support zone.