Elliot Wave Analysis, BTC on the 2nd Leg of a Corrective Wave?
While I'm not an Elliot Wave Guru by any means, it looks to me that we have a 1,2,3,4,5 impulse wave with a 6, 7 extension. Followed by a corrective wave with the current price being at the 2nd wave extension now confirming Resistance at $55,000. If we fail to break through 55k with volume, I would flip short term bearish with a price target at the bottom of the last leg of the corrective wave. This would be a healthy correction and the 1st leg of the impulse wave can start again.
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