Correction/retracement coming

Looking from an elliot wave standpoint, we can see Bitcoin has finished its 5th wave up, and is now due a retracement. BTCUSD is currently hovering around the BIG resistance level of 6700/6800 and i cannot see us breaking this signifying the finish of the 5th wave. Now a healthy retracement would be to $6300, losing this support and i foresee a retest of $5700, which i would not expect to hold again, with btc going to low 5k.

Alternatively the bulls get through the $6800 resistance with volume, in which case i would wait for a retest of the resistance turn (maybe)support to think about opening a long position, but more likely to open a short the higher it gets, but as i say play with the market, so cannot say 100% which position i will take up without seing the charts and sentiment, will update.

TLDR: keep an eye on if the bulls can break BTC $6800 resistance with volume, if not a retracement to at least 6300 is coming very soon.

Comment:

Got my prediction pretty much spot on, BTC currently holding the $6300 support.

Bitcoin is resting on the daily double tenkan and on the 3d normal tenkan, plus we got a 9 on the td weekly. Longing the support test of the daily double tenkan has given me mad profits in the past, but that was when there was still hope in the market. Longing is also almost free now on bitfinex with a shitton of funding.


Currently I am waiting to see if we can break and hold $6400 (daily middle bollinger) to open a long position. if $6200 breaks it will be a very good opportunity to short for 5k target where the next major support is.($5700 will be tetsed one too many times imo to hold).