Possible short-term BTC pullback following 5th wave peak
It appears that BTC could have recently hit a 5th wave peak as shown by the ATH with both bearish momentum divergence and on decreasing volume. I've marked what I think are the critical support and resistance for validation of this wave sequence. If BTC moves above the critical resistance or fails to fall below the critical support, we could see a new impulse of an extended wave 3. Falling below the critical support could imply more downside correction towards the 40,000 range before the start of a new wave sequence. The pull back range is shown as the inverse trend of correction wave A alongside the high volume nodes.
Fundamentally, I do still think BTC still has a very bullish outlook.
Below is a more zoomed in look at what could be the 5th wave, including sub-wave divisions with momentum and volume divergences annotated. The 5th wave appears to be an ending diagonal extension of type 5-3-5-3-5.
Fundamentally, I do still think BTC still has a very bullish outlook.
Below is a more zoomed in look at what could be the 5th wave, including sub-wave divisions with momentum and volume divergences annotated. The 5th wave appears to be an ending diagonal extension of type 5-3-5-3-5.
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