CFcryptoTA

BTC pull back

Long
BITSTAMP:BTCUSD   Bitcoin
Hello everyone. I have been calling for a few days (7 days) a pullback. I see this as a possibility if the 65k does not hold. BTC has painted a bearish engulfing in the hourly frame, with a bearish cross in the Stoch RSI. Also, a bearish ascending wedge has formed on the 4h timeframe with a bearish divergence in the momentum indicators in overbought zones. The ideal scenario would be a sideways consolidation above the ATH. However, BTC has completed a minor wave 5 and has also done an exhaustion move touching the EW channel top. I expect a retracement to 55k. This will happen really fast to then shoot at 78k by the middle of November and peak at 90k by the end of November. The volume has started to pick up, which is fantastic news, suggesting great demand. However, I believe institutions will try to suppress the price one last time before going to 185k.
However, if BTC will consolidate above the 65k, that would be a powerful sign that the price will skyrocket very soon.
Do not fear a retracement as it is healthy, creating better opportunities and great thrust for the big push ahead.
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