It appears that we will be heading lower in the short term due to a few things:
1. We are still in the overall downtrend from the highs of $20k. Have not seen a strong impulse wave to the upside yet.
2. We have a major support trendline in red that looks like we broke through and it has a strong possibility of becoming a resistance line.
3. Current Elliot count has us staring on the larger wave 5 going down (in white). On a smaller count we just started wave 3 (in yellow).
We have a strong possibility of revisiting 6k and maybe even lower. If we break below 6500 this could confirm that we are on the smaller wave 3 count.
Note: This is just for entertainment, do not use for trading purposes and understand there are high risks trading Bitcoin assets.
1. We are still in the overall downtrend from the highs of $20k. Have not seen a strong impulse wave to the upside yet.
2. We have a major support trendline in red that looks like we broke through and it has a strong possibility of becoming a resistance line.
3. Current Elliot count has us staring on the larger wave 5 going down (in white). On a smaller count we just started wave 3 (in yellow).
We have a strong possibility of revisiting 6k and maybe even lower. If we break below 6500 this could confirm that we are on the smaller wave 3 count.
Note: This is just for entertainment, do not use for trading purposes and understand there are high risks trading Bitcoin assets.