Bitcoins price uptrend from its recent lows appears to be out of gas. This can be shown using the elliot wave theory on the recent impulse wave where BTC price has produced a truncated wave 5
A truncated fifth wave signals exhaustion in the prevailing trend and warns of an imminent reversal. This pattern demonstrates that buyers (in an uptrend) or sellers (in a downtrend) lack conviction to push prices to new extremes. Truncations precede significant corrections or reversals.
The strength of Wave B (reaching higher than the truncated Wave 5) suggests significant countertrend momentum. This often occurs in flat corrections.
Typically, C waves extend to specific Fibonacci levels:
This seems to coincide with what I've been saying these past 3 months that the 74k level needs to be reached and the liquidity that price wants to take advantage of will need to be confronted before BTC will be able to reach this market cycles ATH.
A truncated fifth wave signals exhaustion in the prevailing trend and warns of an imminent reversal. This pattern demonstrates that buyers (in an uptrend) or sellers (in a downtrend) lack conviction to push prices to new extremes. Truncations precede significant corrections or reversals.
The strength of Wave B (reaching higher than the truncated Wave 5) suggests significant countertrend momentum. This often occurs in flat corrections.
Typically, C waves extend to specific Fibonacci levels:
100% of A wave - This would target approximately $78,500
1.618 of A wave - (common C wave extension) - This would target around $76,000-$77,000
2.618 × A wave - (extended C wave) - This could reach as low as $73,000-$74,000
This seems to coincide with what I've been saying these past 3 months that the 74k level needs to be reached and the liquidity that price wants to take advantage of will need to be confronted before BTC will be able to reach this market cycles ATH.
Note
Elliot Wave Cheat Sheet pastebin.pl/view/embed/a74c3998
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I have a short position from 84k , I usually avoid shorts but market strength is low , the fundamentals make it relatively easy to make the assumption on trend direction, however I will set trailing stops to take profit if there is a reversal 
git some
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git some
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.