BTC USD trades in a bullish impulse

BTC USD is trading in a bullish impulse of a higher degree, labeled as black wave V. We see four of five bullish waves completed from November 11, which indicates that a top can be near. The current rally, which may be the final wave of V, may see limited upside near the upper Elliott Wave channel and near the Fibonacci ratios of 2.618 or 1.0. All three elements have a common thing, they offer resistance, so be aware of a three-wave bearish reversal.

About the Author

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/