BTC Microanalysis: "Forest for the trees but the trees still make the forest."
After a good consolidation and pump, bulls are giving up the momentum a little too early by failing the 5th-wave breakout on smaller time frames, taking all 5 wave attempts just to reach the 141 extension. Normal follow through after a consolidation/pump will typically reach the 161 by the 5th wave at minimum, many times by the 3rd wave.
As long as BTC holds above 9k, the Adam & Eve scenario is still looking good, but this does point to some sideways action and raises the potential risk of downside for the time being.
After a good consolidation and pump, bulls are giving up the momentum a little too early by failing the 5th-wave breakout on smaller time frames, taking all 5 wave attempts just to reach the 141 extension. Normal follow through after a consolidation/pump will typically reach the 161 by the 5th wave at minimum, many times by the 3rd wave.
As long as BTC holds above 9k, the Adam & Eve scenario is still looking good, but this does point to some sideways action and raises the potential risk of downside for the time being.