BTCUSD multi-month pullback likely
The final wave up in the Elliott pattern completed with demand ceasing at 12.5k USD. If BTC follows Elliott wave principles, it is due for a multi-month pullback to the 8-9k level.
Important observations:
5-wave impulse completion
Declining volume spikes
CME futures gap at 9.6k USD
MACD double top/bearish divergence
Bearish wedge has developed
Overhead resistance at 14k (previous major high)
Important observations:
5-wave impulse completion
Declining volume spikes
CME futures gap at 9.6k USD
MACD double top/bearish divergence
Bearish wedge has developed
Overhead resistance at 14k (previous major high)
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