BTC Short Term Outlook

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I believe we have made the subwaves of a wave 1. (I know I have also mapped the 'micro-waves' within the subwave 5 for clarity - Elliot-ception amirite?!)
BTC will probably, at the very least, test the 6800 mark. It has become a very important level of horizontal resistance. If we pass it then we can go higher (mid 7000s - 8000s?). However, if it fails we are almost certainly dropping to new yearly lows. If the bulls want to break this line they will need to have everything on their side. This small ABC will allow for both the RSI to cool off as well as the shorter term EMAs to get closer to the current price. The overbought indicators all the way up to the 6hours and possibly beyond look a little too high right now..
The ABC is completely made up, I did no analysis for it. Just an example.

"If we can just pull back this RSI moving towards 6800, I think we can kick her into hyperspace, cap'n!"
Comment: Never got the pullback I was looking for but we did get the break over the important resistance area with a massive wick!

Looks like we got the warp drive fired up.
Comment: On the comment before I meant candle, not wick.


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