Wave 5 likely ending soon

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
This rally started too soon on the heels of the massive 3rd wave, therefore it is likely near it's end. MACD is weak, overbought, rampant enthusiasm and bulls. These are indications of imminent correction. The optimistic targets are unlikely to be hit. Notice, we are above the upper trendline now- typical of wave 5 nearing completion. Wave 5 has technically almost reached a point where it may complete after one more burst higher after some sideways movement. Profit taking is in order. Target $9500 area.

This 5 wave sequence completes either an A wave or a wave 1 off the lows. We are likely to get a wave B or wave 2 correction. $5500-6200 area is a high probability target for the corrective wave.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.