I tend to dislike this overused pattern but it's hard to ignore when the warning signs are there, and boy are they there both technically and fundamentally right now.
We're wedged between a strong resistance at $562 - $570 and a strong support at $540. There was a piercing of the $540 level yesterday but it was defended nicely. Unfortunately, volume dropped off ...
So we didn't extend to 6k for wave 5, but with the lengths of waves 1 and 3 it's not unusual. The resistance lines held beautifully however and we got a nice big rejection from our previous swing low at about 7.3k which coincided with our downtrend line from 11.6k.
Live counting Elliott waves is always a challenge but try, try again!
I wanted to investigate what Fibonacci extensions BTC has hit in it's lifetime.
Because of the insane growth I decided to calculate ratios further than tradingview's default tool does to accommodate BTC's nutso bullishness and happened upon 1,794.8% thanks to our old friend, the golden ratio.
Ignore timelines as I'm not interested in that.
Also, I'm not totally ...