The ride is over for darling of the cryptocurrencies as a terminating wedge formation has evolved on the daily chart. There has been warning signs in the both indicators of a correction with a divergence present since the end of February. With the conformation RSI unable to keep above 60 level indicating we are in bearish territory.
We should see a three wave move to the downside to the Lucas level (76 fib) which is below 20K USD. I'm a great fan of this financial product and will looking to buy in at this level. At the time of writing the analysis the move has already start.