We're fininishing 2x 5-legs cycles, from 880 (more or less) and from 3000. But as you can see, the blue box goes all the way up to 6800. This means that we still might see a push further up, but a pullback will happen soon.
So, normally it would be very logic to see a 3 waves pullback. On the chart I showed the fibonacci levels from the complete cycle, but I doubt the correction will be that deep. I'm more looking at the blue trendline as a possible target.
It would be very easy to give a target for a possible pullback, but imho its too early for that. BTC is just BTC and is doing his own thing when bulls are boss.
Trading advise for now: keep your eyes on the priceaction and lock some profits when its going down.
All in all, the coming correction is a good chance to rebuy more for the next cycle up (yes, more up).
I will not short this....I'm too busy and its too tricky imho, therefore I out "Strategy" on neutral.
A bit more retracement which makes the target for the final push in this cycle a bit lower.
After noticing that this push is failing, i turned bearish also for short term like I already was for mid term. BTC seems to be making a ABC correction where we still are in first leg. My guess is, we'll head down towards the first blue trendline and forming a bearish flag there, to be followed by a deeper drop towards the blue box.
This is also corresponding with a Fibo retracement of 38%. As I wrote earlier, I'm long term bullish on BTC and this 38% retracement of the previous cycle might be enough. Checking the A-leg, this looks logical to me.
Broke out of the bearish flag, currently retesting it
For now, I think we've reached the top and due to some correction.
First target is around 6800, followed by a bounce and probably another dip and forming a bigger ABC correction towards next blue box close to the blue trendline. If (a big if) we get that far, it's decision time: more correction (which seems logical to me) or continuation of the bull run. Will try to update once we get there.
Be cautious, this scenario is still very premature and BTC can go wild again.
I just hope the B2X fork flops because if forks continue to be profitable, the Bitcoin Silver fork is gonna cause another gold rush and we will never see the end of it.