BTCUSD recently recovered from last weekend's -20% rout, both expectedly.
Thing is, a Lower High has been registered and we look for the Lower Low, which means price to go below point A. The trend change 5 wave was drawn last week, and the stronger than expected rebound over extended checkooint B. Nonetheless, the downdraft resumption appears to continue and targeting point C, where it should meet the 55EMA, and is in the support zone too.
Technicals are clearly deteriorating from over cooking the rally.... with MACD heading further down, indicated by the histograms. And the RPM Indicator dropping below zero with gusto.
Am expecting a consolidation around 23K to 24K region, before a new and massive launch towards the end of 2021.
Thing is, a Lower High has been registered and we look for the Lower Low, which means price to go below point A. The trend change 5 wave was drawn last week, and the stronger than expected rebound over extended checkooint B. Nonetheless, the downdraft resumption appears to continue and targeting point C, where it should meet the 55EMA, and is in the support zone too.
Technicals are clearly deteriorating from over cooking the rally.... with MACD heading further down, indicated by the histograms. And the RPM Indicator dropping below zero with gusto.
Am expecting a consolidation around 23K to 24K region, before a new and massive launch towards the end of 2021.
