Technical analysis by AristotleIV about Symbol BTC: Sell recommendation (6/1/2023)

BTC heading towards 24,400 On the weekly timeframe, a trail of Elliot Waves show that upon completing the downward Elliot 1-5 wave to the 15k level followed by an upward wave to 31k, BTC is forming a new 1-5 downward wave, As per the Fib Extension, the third wave is prognosticated to end towards the 24,400 region and then retracing towards 25,300 before the final leg down to test the previous strong resistance levels at 23,800. The time range for the third wave would be in the summer months of June/July, particularly from 26th June to 24th July. To confirm this, MACD is also about to make a death cross and head towards red indicating a downtrend to be around the corner.