Bitcoin (BTC) 5 waves completed, due for a pullback
Bitcoin (BTC) has appreciated more than 120% in the last few weeks while reaching a market cap above $100 billions.
It seems to have completed a five waves from its bottom of a few years ago and from its recent low of $3000.
It has also reached the top of its rising wedge while showing divergence on momentum indicators.
I believe that as long as it stays below the $6600 area BTC is due for a pullback towards at least the $5100 area.
A breakout above $6600 would invalidate this downside scenario.
It seems to have completed a five waves from its bottom of a few years ago and from its recent low of $3000.
It has also reached the top of its rising wedge while showing divergence on momentum indicators.
I believe that as long as it stays below the $6600 area BTC is due for a pullback towards at least the $5100 area.
A breakout above $6600 would invalidate this downside scenario.