Wanted to get a quick update out for Bitcoin. This is really the last stand for the bears here. The price cannot break above $12,108. Until then, we are still in corrective territory. If it reaches the 1.618, no stopping until $13k. Pretty terrible angle for an impulse, but it is what it is.
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Just to clarify, $12,108 - $12,484 is no mans land. Either side can show their strength there, but at that point, the odds are turned significantly in the bulls favor. Breaking over $12,108 is simply an indication that this particular interpretation has reached its limit. The bears can drag it out sideways to form a more complex correction which will eat up a significantly larger amount of time. This is simply working with what we have right now. If the 1.618 is broken, then the bulls are in control and the bears will not see an opportunity to take it back until we are above $13k.
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Watching divergences on smaller time frames. Potential Ending Diagonal in the making.
