[BTC] It's Over 9000: Wave 5 Complete, Bears Increase Pressure
So far BTC has seen a massive rally from its double bottom; along the way my analysis has been cautiously bullish, with bearish correction possibilities in mind at specific levels. Since we are fresh out of a steep bear market, the first major bull rally is more of a time to gauge how much strength the market's recovering and how fast, rather than getting full-on bullish from the jump with the risk of sudden downside with a return of the bears.
Depending on how much short pressure and profit taking occurs at these levels, the bulls could still fight their way a bit higher before a true correction. However the technicals point to a correction soon and favor logical bearish entries: the rising wedge could still be in play, 5 waves are complete, the RSI is overbought, there are multiple strong price resistance barriers right above us that will probably require a pullback and fresh momentum to break through, and bears are already wicking down further breakout attempts. We'll see what happens.
Depending on how much short pressure and profit taking occurs at these levels, the bulls could still fight their way a bit higher before a true correction. However the technicals point to a correction soon and favor logical bearish entries: the rising wedge could still be in play, 5 waves are complete, the RSI is overbought, there are multiple strong price resistance barriers right above us that will probably require a pullback and fresh momentum to break through, and bears are already wicking down further breakout attempts. We'll see what happens.