The 3-day chart shows a bearish divergence on the RSI indicator.
-A bearish divergence occurs when:
1. Price Action: The asset's price forms higher highs (uptrend).
2. RSI Indicator: The RSI forms lower highs instead of following the price
This divergence suggests that the upward momentum is weakening, even though the price is climbing, which could lead to a potential downtrend or correction.
Based on this a drop to the 80k region is expected, which aligns with the 0.618 Fibonacci level.
This decline perfectly corresponds to the fourth wave of the Elliott Impulse Wave.
Afterward, a significant recovery is expected, representing Bitcoin's final bullish wave in the Elliott Wave cycle (the fifth wave)
My outlook for the chart suggests a decline starting now and lasting until mid-February at most
Disclaimer:
The information provided here is intended for informational and educational purposes only. It does not constitute financial or investment advice. Always perform your own research before making any investment or trading decisions.
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