Bearishly diverging and faltering
Heavily over-leveraged longs relative to shorts on bitfinex
Weak breakout from the upper horizontal resistance line
Faltering at the breakout
Detailed count indicates an ending 5th wave diagonal (seen as an ascending )
I really can't see a argument for this weak of a breakout from this size of . With any ascending or breakout the extent of the rally should be approximately equal to the width of the base of the triangle, which in this case would take us to about $200. I would expect to see a good chunk of this price action immediately at the breakout and... nothing. Zip. Nada. Bupkis.
A diagonal in is a structure in which wave 4 enters the territory of wave 1 with usually the 1st wave the longest and the 5th wave the shortest. It's often easy to spot from the drastic reduction in price increase from wave 1 to wave 3 and decreasing as the diagonal reaches it's apex. These structures typically end in a throw-over above the and always retrace to at least the point of origin.
A break above $179 would invalidate this count as then wave 5 would exceed wave 3, so I'll ladder from $165 - $175. My 1st take-profit target is $120 and my 2nd is $107. After that, we'll see.
As always, manage your risk fellow traders!