A new high could well mark an important peak to the trend that has been developing from the Feb 2019 lows, ideally we see new highs to end wave 5 of a large impulse wave, with sentiment extremely bullish on Bitcoin, I would caution readers that are considering getting involved in this product or even buying Bitcoin to reconsider that idea.

If the current idea is an impulse wave as I am showing (5 wave advance) then it’s close to setting up for a large reversal and a substantial retracement in 3 waves.  A pullback in 3 waves is the ideal area for those that want to buy, buying the market after such an advance, in my opinion, is akin to picking up pennies in front of a steamroller.