BTC looks to be finishing up a 1-5 wave structure. I believe it will end at this 1.0 line but of course could extend to the 1.618. If it finishes at the 1.0 line (or thereabouts) it will more than likely form a bearish divergence from the top of wave 3 on the RSI. The bearish divergence will be apparent on the 4-6(+) hour charts.
This will either now become 1-5 of a larger wave structure or simply fall down to lower lows creating an X wave. We will have to re-assess as time goes on. For us to remain bullish, this whole structure would need to pull back to the 0.618 line or above. Anything below this would show weakness.
As a side note: Alts have been beat up even though BTC has been rising. I think people may now sell their btc positions and go in to alt coins as they are severely oversold.
This will either now become 1-5 of a larger wave structure or simply fall down to lower lows creating an X wave. We will have to re-assess as time goes on. For us to remain bullish, this whole structure would need to pull back to the 0.618 line or above. Anything below this would show weakness.
As a side note: Alts have been beat up even though BTC has been rising. I think people may now sell their btc positions and go in to alt coins as they are severely oversold.