What goes up must come down innit? :)
Quick TA on BTCUSD,
Expect a markdown back to the 50%-61% Fib ranges in the near term - this may not happen in a day or two as we may see a retest of the $8300 level.
Both MACD and ADX printing a crossover to the bearish side, indicating a near term reversal from its once bullish momentum. For all the bulls out there, dont dismay as price is still way above all major Moving Averages (50/100/200), and a pullback/consolidation is necessary for continued uptrend. As indicated, Elliot Impulse wave as numbered in blue has been completed, and we are likely to see the retracement back to healthier levels - this may be a strong but short term pullback. My best guess is around the range of $6000-$6800, finding support on the shorter MAs.
On a more optimistic note, this MAY be only the first sequence of a SUPERWAVE structure that demands a near term pullback, then again, who knows..... :)
Quick TA on BTCUSD,
Expect a markdown back to the 50%-61% Fib ranges in the near term - this may not happen in a day or two as we may see a retest of the $8300 level.
Both MACD and ADX printing a crossover to the bearish side, indicating a near term reversal from its once bullish momentum. For all the bulls out there, dont dismay as price is still way above all major Moving Averages (50/100/200), and a pullback/consolidation is necessary for continued uptrend. As indicated, Elliot Impulse wave as numbered in blue has been completed, and we are likely to see the retracement back to healthier levels - this may be a strong but short term pullback. My best guess is around the range of $6000-$6800, finding support on the shorter MAs.
On a more optimistic note, this MAY be only the first sequence of a SUPERWAVE structure that demands a near term pullback, then again, who knows..... :)
