For hybrid traders like myself, technical aspects of a market are every bit as important as a fundamental development, just not in the same way. Fundamentals are the drivers that will persuade investors to act and shift market sentiment, and a market’s technical indicators help predict where that sentiment will ultimately take the price also where it may stall or pivot (reverse).

Bitcoin (BTC) made respectable gains today against the US dollar, trading up 1.63% as of 6:45 PM Eastern Standard Time (7/3/2023), or just about $500 on the day. While this increase is a rather modest one for BTC the high of the day is a price that has not been seen in over one year (June 7, 2022). On top of that, it managed to close near the highs currently at $31,122.

EDX Markets is a new centralized exchange that was launched on June 20th and is backed by some of the biggest names in Wallstreet. Citadel Securities, Fidelity Investments, Charles Schwab, Paradigm, Sequoia Capital, and Virtu Financial make up the founding investors with other huge names joining in as additional strategic investors.

My current wave count in Bitcoin puts BTC in its 5th wave of our bullish impulse count. But let us go back to the beginning of this current bullish wave count to paint a more complete picture.

Here are some basic guidelines on how to check if your count makes sense, these are by no means strict guidelines but rather approximations.

Today’s stellar performance in Bitcoin (up nearly 5% as of 5:15 EST) comes out of a few recent developments in the crypto space and  they appear likely to continue to prop up the world’s biggest cryptocurrency. Bitcoin’s dominance among all crypto assets has also been on the move as it surpassed 50% of the total crypto market cap today, a level not seen since May 2021.

Why the crackdown on Binance and Coinbase may eventually benefit BTC

Bitcoin has been under pressure since mid-April when it came down from the recent highs north of $30,000. Bitcoin is currently trading at $25,950, right above a historically significant support level. So, the question becomes will Bitcoin pivot at the logical price level of $25,000, and if it can’t how far could it fall?

Ever since their introduction at the start of 2023 ordinals have made waves shaking up not only Bitcoin’s network but the entire crypto sector as the swells continue to rise. To those who have flocked to Bitcoin beach to ride the Satoshi surf there has never been a more exciting time to visit the usually isolated island.

The Final Countdown