BITCOIN - Time to be Bearish!
2024-12-27
Category: None

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

Best regards Ceciliones🎯