Following on from my last analysis on bitcoin
, I am still expecting a move up to around 8K and that will complete a 3 wave correction on H4. On a lower timeframe you will see a possible 5 wave correction. However, the market currently stuck at a major resistance level
and I will not be surprised if we don't end up breaking that resistance at 7K but the structure says we will so at the moment I'm still expecting that move to 8K to come very soon. The end of the correction will put us against a descending trendline and also the 61.8% Fibonacci retracement
of the recent downward impulse leg so this level also gives us a huge potential for a reversal that will retest the lows. Is there a possibility that we will just break the resistance and trendline and just go up? Of course, sometimes the market tends to do whatever it wants but we will cross that bridge once we get to the trendline. I will be updating my analysis as we progress.
Any opposing comments and views are welcomed!