BTC bulls are clearly loosing some strength and momentum here after failing to breakthrough the 50k level at the 0.2 FIB, we poked a wick above here slightly but it was not enough! we had a nice close yesterday with us slightly above the R2 resistance but couldn't keep the momentum going, now we are seeing a darth maul candle as i like to call it and aswell known as a transition candle! I think at this point we are due for a little bit of downside like i have been talking about previously, i think likely we could see anywhere from -18% to -24% as shown on the rectangles, keep in mind these are drawn and measured from the top wick above 50K so the pullbacks could be slightly less if we look at it from today forward. The wave trend has been chilling up in the sell area (top zone) for quite some time now and we are just starting to see a curl slightly pointing to the downside! We could see a sort of reset for our indicators hopefully looking at a potential drop to the bottom of the wavetrend before we start heading back up! Also the MACD has been moving very very flat recently and we are not seeing nearly enough momentum, we notice the MA's are in and out of bull and bear crosses moving flat and unpredictable, this is where i think a bear cross and pullback are going to come into play. The histogram doesn't really look good at all we are seeing tiny flat green candles which followed by the same sort of red candles, we are seeing no growth in our bars this MACD cycle and is a clear sign of momentum slowing way down! Im personally really hoping we see this pullback/dip i think its going to provide a very nice buying opportunity and a possible great long entry, will be looking to add to my bags if we see something like this play out! Not financial advice just my opinion!
