Bitcoin takes a well earned breather

Bitcoin is trading at $94,060 (-3.92%), with the retreat from the $99,800 high viewed as a much needed pullback to work off overbought readings, rather than the start of a reversal lower or anything sinister. It also provides a reminder that markets, even crypto markets don’t move in straight lines indefinitely.

Looking ahead, the upside acceleration in Bitcoin post the US election is clearly impulsive, much more akin to a Wave III than a blow off type Wave V high we had been expecting. This suggests that after this pullback is complete BTC will push above 100k.