Bitcoin looks finished with an extremely close invalidation point of a break and close above $10,820. The C leg can reach up and reject at the 1.618 but it cannot close above it.
If we see rejection, I'm looking for a larger move to the downside like this:
Looking at the daily, the only way that we can see more upside is correctively like this:
However, we are currently seeing a very weak reaction at the .618 retracement and we are not moving up impulsively. Therefore I'm not really willing to take this count seriously unless we break back above $11.4k. With the recent bearish rejection at the .618 extension of the larger structure combined with the recent bearish price action, I think the R:R strongly stands on the shorts side as we head into resistance. But the support at $9,800 needs to break before the bears can really take the wheel here.
If we see rejection, I'm looking for a larger move to the downside like this:
Looking at the daily, the only way that we can see more upside is correctively like this:
However, we are currently seeing a very weak reaction at the .618 retracement and we are not moving up impulsively. Therefore I'm not really willing to take this count seriously unless we break back above $11.4k. With the recent bearish rejection at the .618 extension of the larger structure combined with the recent bearish price action, I think the R:R strongly stands on the shorts side as we head into resistance. But the support at $9,800 needs to break before the bears can really take the wheel here.
