BTC: Downward Pressure Incoming

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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Given the 20k ATH, the 14k high, and the recent downward channel , BTC has many key resistances layered between 9.4k - 10k. The longer resistances take to develop, the harder they are to break. As a result, before these resistances are broken, our bias remains on the short side.

There are currently many differences regarding how to make sense of the recent 7-8% rise. Some believe this breaks us out of the triangle into the next motive wave upwards (either wave 5 or wave 1 of next bigger moon move). Others (like us) believe it's part of a larger corrective wave to the downside (Wave B). However, regardless of which side one is on, the one thing that we should agree on is there's at least a 300-500 correction ahead very soon. Even for the most bullish scenario (we are in wave 1 of the next bigger structure to create ATH), wave1 needs to correct, and with that many resistances, and wave 1 being the wave with “disbelief”, we are looking at a 0.618 retracement .

Do you agree or disagree? All thoughts and critics are welcomed!

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Comment: Both bullish and bearish Elliot wave counts (zoomed out):
Comment: The question now becomes: when will the CME gap be filled this time around?
Comment: TA is now as bullish as FA. However, we simply can't shoot up in a straight line. Institutional traders think 11k is overpriced.

More on BTC long-term perspectives and August rally ahead:

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