Bitcoin is struggling once more with the $10,500 resistance level. Another rejection from the high is in process. If price is unable to claim $10,500 resistance as support before losing the current consolidation range then a continuation of the high time frame downtrend is likely to continue as we have a possible Wyckoff distribution schematic underway. Invalidation of this idea is if $11,500 is claimed as support.
We have a WXY Elliott Wave correction underway. Price could form a higher low and attempt another push so it is not game over quite yet, but nevertheless the work is on the bulls to change the MTF trend.
We have a WXY Elliott Wave correction underway. Price could form a higher low and attempt another push so it is not game over quite yet, but nevertheless the work is on the bulls to change the MTF trend.