Bitcoin achieved a double top, aka truncation for Elliottists. Last night I thought it would do some ascending triangle but apparently the price decide to push higher faster than I expected. By doing so, it removes the upside potential. I would expect the price to correct to the yellow zone, which corresponds to a cluster of Fibonacci levels ranging from 38.2% to 61.8%. During that impulsive wave, the third wave contains the extension and fifth wave and first waves are fairly similar in lenght.
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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.