BTC SHORT IDEA

When analyzing BTC, we have a pretty distinct five wave move off the November 2022 low, which we are treating as a higher degree wave two bottom. That said, the RSI indicates a divergent high in March of 2024, marking the top of wave one of wave three. While the retracement from 72k to 56k was a more substantial pullback, we are treating that as only wave A of a larger ABC pullback that will target and backtest the 50k zone. If you are in doubt, the chopiness index is clearly indicating that buyers are not interested in methodical higher prices, the MACD is flashing bearish momentum signals still in play, and the RSI supports the count.