BTCUSDT is forming another bearish divergence with price/RSI as it approaches 7k. Historically, these divergences have led to corrections; if this divergence completely forms, it could start another one here. If it drops before 7k and breaks below this wave's uptrend, I'm thinking it will most likely form another Elliott 3-3-5 flat with extended wave C as it's done in the past. I drew a rough "ABC" correction wave for projection.
If uptrend is broken, I consider that a bearish confirmation. My target for re-entry will be around 5.5k with 4.5k as the lowest.
If uptrend is broken, I consider that a bearish confirmation. My target for re-entry will be around 5.5k with 4.5k as the lowest.
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