Bitcoin has rallied higher than most people expected. There seems to be a lot of calls for the moon and bullish sentiment but I don't think the bull-market has started just yet...
On the daily we have a diverging RSI, volume is falling and if we draw an Elliot-Wave (assuming wave 5 is roughly a 1:1 of wave 1) We should expect a top not much higher than our current levels around the
BTCUSD $5700-ish range.
On top of this this level roughly coincides with the mid November support which might act as a strong resistance, especially at these already overbought levels. We're also well above all of the indicators and coming up to a 9 on the TD sequential tomorrow, so it's hard to argue some kind of correction isn't likely in the coming days.
On the daily we have a diverging RSI, volume is falling and if we draw an Elliot-Wave (assuming wave 5 is roughly a 1:1 of wave 1) We should expect a top not much higher than our current levels around the
BTCUSD $5700-ish range.On top of this this level roughly coincides with the mid November support which might act as a strong resistance, especially at these already overbought levels. We're also well above all of the indicators and coming up to a 9 on the TD sequential tomorrow, so it's hard to argue some kind of correction isn't likely in the coming days.
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