Last week I said that for BTC to continue bullish, it needs to stay well above 42.5k, which has been the case for quite some time now, where it resides around 42.9 - 43.8k as of the time of this writing.
But despite this fact, it still struggling to make a move into the coveted 44k area and beyond. With the price instead shouldering an apparent selling pressure now around the 43k area.
And looking at the current viewpoint again, we can see that in 1H chart the price has been consistently making lower highs for more than 13 hours now since the start of the day, and the selling press is still can be felt and insistent.
Then if we see 4H chart, not only there are a vast empty space below (which commonly attract selling craves). But also I just realized that the current arc seems to be forming and could complete an Elliott Wave, where the current price movement possibly acting as the Wave C (the ending). If this is true, Wave C normally targets a price nearby or just below the end of Wave 4, which in this case is around 41.6k.
But if BTC managed to fend off the selling press and move upward to cancel the Elliott Wave, it should retest the previous high of 43.8k.
