BTCUSD multi-month pullback likely

٢٣ أغسطس ٢٠٢٠

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)