I think $BTC could make one more high on Saturday/Sunday before a sharp reversal. The bulls seem to be exhausted. Let’s explore the hypothesis.
Today’s green candle would be a good bullish candle if it was standalone. But it was not good enough to cancel the bearish Engulfing that happened yesterday.
There is a good chance that BTC makes one higher high tomorrow before reversing.
Yesterday I mentioned that “…Some indicators started to point downwards, but not all, and it would probably take 1-2 days to paint a clear picture…”
Today I can say that it is getting worse.
The odds are about 50/50 for tomorrow.
The current weekly candle does not look very promising at this point. I’m very curious about its shape tomorrow.
ELLIOTT WAVES AND FORECAST
I am almost ready to switch to the alt Long Term scenario that was posted some time ago. I believe the wave structure is almost ready to support it. If my hypothesis confirms, the targets are very clear.
This section contains the EW perspective and the discussion on the possible targets and the levels to watch.
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