clear lower highs over the weekend,
descending triangle usually breaks down
RSIs on 1hr and 4hr no longer oversold
the CME gap everyone keeps talking about is still there
NOTE: there is a NEW CME gap above around 10.6k
Measured move from break of weekend's descending triangle puts BTCUSD at 9.2k,
which is an important support level and fib retracement level as well.
The final wave up in the Elliott pattern completed with demand ceasing at 12.5k USD. If BTC follows Elliott wave principles, it is due for a multi-month pullback to the 8-9k level.
5-wave impulse completion
Declining volume spikes
CME futures gap at 9.6k USD
MACD double top/bearish divergence
Bearish wedge has developed
It is my current belief that the current upwards price action is caused, not by bullish momentum, but by a temporary short squeeze. With other global markets rallying, it was inevitable that BTC would follow suit. If global markets fail to continue rising, BTC will mirror this.
If bitcoin was truly breaking out to start the next great bull cycle, there would be...
BTC broke out of the three-month uptrend last Thursday (11 June). It has been consistently putting in lower lows and breached 9k just days ago. BTC is targeting 8600 next. If no firm support is found there, market reversal may be confirmed.