Bitcoin $BTC has been breaking down from the All Time High at $111,959.5. This move is better explained using an Elliot wave. Where we have seen a wave 1,2, 3 and rally in wave 4 is now in play.
Targets for the wave 4 lie between the fib level 0.382 and 0.5 and that is between $106.9k -$106k. BTC is now rejecting within that area.
I expect another breakdown move in wave 5. Targets lie on the fib level 1.618 on the fib extension. That area lies at $99.79k. That is my next targets for btc.
This scenario can only get invalidated in case we get a massive rally breaking above $110.77k.
