As showed in the post of yesterday, Bitcoin created the beginning of a Wyckoff distribution. Bitcoin dipped a little below the second wave target, however, finding support on the 21MA of the 3h chart.
Overnight it followed up on the 3rd wave of elliot with a 4hour consolidation around the .618 fibonacci retracement. Waiting for the small pullback to confirm the support on the .618 and then continuing to the top resistance at 42,300.
Overnight it followed up on the 3rd wave of elliot with a 4hour consolidation around the .618 fibonacci retracement. Waiting for the small pullback to confirm the support on the .618 and then continuing to the top resistance at 42,300.
A break of both these levels would likely result into a rapid increase and a test of the second resistance level of Wyckoff at ~42,300.