BTCUSD has finally completed the Wave 5 part of its short-term and mid-term Elliot Wave cycles. We are now is part A of the ABC correction. Historically corrections have coincided with the 0.5 - 0.618 Fibonacci levels and horizontal support from the previous ATH. Looking at the current cycle, we see that around the 0.618 Fibonnaci level there's good psychological support at the $5000 level, support from the previous ATH at $4800, and Ichimoku cloud support. I would expect BTC to correct to around the $4800 - $5000 level before reversing and continuing on its long-term bull trend.
Shorter-term we should see a small bounce from part B of the corrective wave. This will most certainly make a lower high and coincide somewhere with the upper trendline, which will act as resistance.
Shorter-term we should see a small bounce from part B of the corrective wave. This will most certainly make a lower high and coincide somewhere with the upper trendline, which will act as resistance.