After a massive impulse wave of more than $1.000 in price, Bitcoin still holds in the 8k area. The TA shows some signs of a bear scenario:
- Volume decreasing
- Bearish divergence on the RSI
- Head and shoulders pattern formed
- Symmetric Triangle (this one is neutral)
Scenarios:
a. A break above the resistance line will indicate the 5th wave of the Elliot Wave theory, and assume the 4th wave landed on the 0.236 Fib retracement.
b. A break below the support of the triangle will indicate a deeper correction, probably between 7400 and 7600.
We will know in a few hours!!!
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