Bitcoin BTC has printed bearish divergence on the daily RSI with the recent push above all time high followed by a bearish engulfing candle often signalling a short term trend change! The candle engulfed the previous 2 days price action.
Traders should be cautious going long at these levels as we have a psychological trap set up for newbies with each push into all time high and rejection.
It appears wave 1 of III has completed and wave 2 has an expected pullback to the .618 Fibonacci retracement at $110k which may take a few week to play out but may give alt-coins time to continue their respective moves upwards. Wave 3 of III will be the strongest move of this wave and will likely end near the cycle top.
Analysis is invalidated if we continue into all time high.
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