Bitcoin and Ethereum pullback targets hit

As I noted yesterday, BTC had completed five waves up off its first higher low following the intermediate wave (4) low. We called for a price target on the ensuing pullback of ~57,700. We got that low overnight and I suspect the low is in place. Should I be wrong and it breaks down further, then look for the 50% retracement ~54,000 as next support. The one disconcerting factor is the leverage is still near all-time highs. This typically doesn’t bode well for BTC.

About alphahorn

I received an MBA from Columbia University’s Graduate School of Business in New York and am a Wall Street veteran. I’ve worked for a number of investment banks including Smith Barney and First Boston/C S First Boston in New York. Over the years, I have developed my own Proprietary Swing System and I combine that System with my own Elliott Wave Analysis to trade.
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