Bitcoin is Targeting 58058 in an Upward Wave 2 Correction

Wave 1 down to the 30,000 area is being followed by wave 2 up, which will try to completely retrace it. It would be unwise to assume this rally is the next wave to new highs. A deeper third wave down should be expected to commence when wave 2 is complete.

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We have changed to an extreme SHORT position on Bitcoin, given pattern developments since May 19th. Please see our related warning in the other Bitcoin chart published today.