Bitcoin: Horns of the Devil Beneath 48K. Wolfe Wave Bear Signal

Horns of the Devil emerged at the top of the rising wedge, at the 5-point in a Wolfe Wave pattern. This sign typically appears at the top of macro countertrends and signifies a potential liquidity grab as Market Makers sell the peak to rebuy at lower levels to double-bottom out and establish deep positions in preparation for macro bull reversals. In this case, according to WW theory, the target line from wave 1 to 4 is where the price is projected to fall from the 5-point -- to about 25K. Volume Analysis also shows a steady decrease in demand overall throughout the ascending wedge. This is a further bearish signal.

Of course, this is BTC and anything is possible. I wouldn't buy at this point, however, as the current range on the 30 minute shows a typical Wyckoff distribution structure, with the current pullback from 45K resembling a classic UTAD after a series of meager upthrusts. Proceed with caution.

* Not financial advice.

#bitcoin #btc