Temporary retracement starting in 1-2h to wedge support line, then an uptrend with the first wave breaking the wedge and ending at next resistance.
5th Elliot wave is done, a 3 wave retracement is upcoming.
RSI and MacD losing strength from last high support this idea.
Approximation with fibonacci of waves.
5th Elliot wave is done, a 3 wave retracement is upcoming.
RSI and MacD losing strength from last high support this idea.
Approximation with fibonacci of waves.
This upcoming 3rd wave of the retracement might not be enough to reach the bottom wedge line. A 4th and failed 5th wave might be included to reach the wedge. if this happens I will be on the lookout for another head and shoulders or maybe uptrending triangle that breaks the downward pattern. If not I might consider bear.
Though the slightly uptrendy wedge and recent bullishnes sudjests the chances are higher that BTC will break the roof instead of the floor of the wedge.