Bitcoin is due for a correction after seeing an astronomical parabolic move this month. There are several factors to why I believe this correction is near.
- Wave 3 is, or is close to being complete (261.8% of wave 1) - Price action now at Gann Fan 2/1 resistance, limiting the upside of this move higher - Slight bearish volume divergence - Green boxes indicate gaps that need to be filled in the volume profile
Wave 5 has over-extended, so I'm expecting the market to correct down to around the $1640 area where gap number 1 resides. $1640 is also sub-wave 2 of 5, being a common target in situations like these. ______________________________________________________________________________________________________________________
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