Microanalysis: "Forest for the trees but the trees still make the forest"
BTC bulls are petering out on momentum and volume in the short-term and just double-topped, failing a wedge breakout. While the wedge could still break to the upside after a small pullback, it still probably wouldn't see much traction as numerous indicators point to a correction soon.
A retracement to the 161.8 and 50% fibs shown here would give bulls the most healthy pullback to slingshot them higher. To check out the other reasons for this, see my other recent analyses for BTC.
BTC bulls are petering out on momentum and volume in the short-term and just double-topped, failing a wedge breakout. While the wedge could still break to the upside after a small pullback, it still probably wouldn't see much traction as numerous indicators point to a correction soon.
A retracement to the 161.8 and 50% fibs shown here would give bulls the most healthy pullback to slingshot them higher. To check out the other reasons for this, see my other recent analyses for BTC.