Looking at the 4h we can see that BTC has retraced to the golden pocket - as well as the top of the descending Schiff pitchfork from the ATH.
Using fib extensions we can also see the mathematical relationship between the move off the June 28.6k low, and each leg of the uptrend that took off in earnest on July 21. To me this suggests a completed 3 or 5-wave structure, although I'm not much of an Elliotician yet ;)
Thanks for reading. Not financial advice. Let me know what you think in the comments.
Using fib extensions we can also see the mathematical relationship between the move off the June 28.6k low, and each leg of the uptrend that took off in earnest on July 21. To me this suggests a completed 3 or 5-wave structure, although I'm not much of an Elliotician yet ;)
Thanks for reading. Not financial advice. Let me know what you think in the comments.
Comment:
Momentum divergence on the daily and Heikin Ashi candles indicating potential start of new downtrend add to the bearish argument
Comment:
From a trendline/pitchfork perspective bulls need to hold the yellow line to bolster their case that the bullrun is still on - and in terms of EW there is still the possibility that we are in wave 3/4 of an impulsive move higher. A break of the horizontal line invalidates.