Wave Analysis:

During the previous trading day, Bitcoin pulled back upwards slightly higher than expected but failed to break above the upper resistive trendline. As long as the price remains below this trend line, we expect a possible bearish momentum with an ultimate target at 2345.21. Ideally, we expect this trend line to have marked the end of the inner green corrective wave (ii) that the current small bearish rally is the continuation of both the impulsive waves (iii) and (v) to the lower side but should break below the 5200.2 handles before a move to the lower side is seen.

Trade Recommendations:

Remain short with an ultimate target at 5200.2