I am still sticking to my original analysis that we have ended wave 5 and are just liquidating longs and shorts for fun to fill other longs and shorts. It has become a game of chicken at this point. The uptrend did not hold as predicted and has been denied and turned into resistance as well as the prior uptrend. Currently we are struggling in the 1hr cloud and ideally I would like us to see remain stable above and consolidate, especially hold above the 4.764 fib. The past downtrend would be the next test of support as well as 1 and 2 are both showing longer timeframe trends that would need to be tested and hold a bounce if this bull run has not come to an end yet.
#1 and #2 support
Most likely we will see a test of the 1d cloud and #2 support trend with a break and confirmation of ABC correction initiated. I just do not see this rally continuing on with these conditions.
Commento
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BTC playing out once again as expected. Prior downtrend still holding as support, if it breaks, likely a bigger move to the downside.