BTCUSD Short up 6530 after Long up 6700-6800
There was a downward impulse of five waves, the bears rested on the strong resistance of the bulls, which broke the downtrend and in turn made a trend reversal, forming the lower line of the ascending channel and creating a five-wave impulse that descended to the upper dotted line of the channel, which was created much earlier, that is, on the entire height of the channel, resting on a strong resistance at 6600.
After this reversal pattern, there should be an ABC correlation wave. Wave A should not be lower than the third wave of the impulse, it reached the support of 6500-6530 and bounced up from it. Wave B should not be higher than the fifth wave of the impulse and at the point where it should end we have strong resistance at the intersection of the red line of the global downward channel and the strong blue resistance line at 6560, from which the price is likely to rebound and go down. Wave C should not be higher than the third vertex and not lower than the first vertex, and under this place is ideal the place where the green dotted line of the new ascending channel intersects with a fairly strong support level of 6460, from which we will most likely see a rebound and the formation of a new growing momentum green channel.
After this reversal pattern, there should be an ABC correlation wave. Wave A should not be lower than the third wave of the impulse, it reached the support of 6500-6530 and bounced up from it. Wave B should not be higher than the fifth wave of the impulse and at the point where it should end we have strong resistance at the intersection of the red line of the global downward channel and the strong blue resistance line at 6560, from which the price is likely to rebound and go down. Wave C should not be higher than the third vertex and not lower than the first vertex, and under this place is ideal the place where the green dotted line of the new ascending channel intersects with a fairly strong support level of 6460, from which we will most likely see a rebound and the formation of a new growing momentum green channel.