There are many different ways to label the Elliot wave and and for now its uncertain which way BTC will follow. Only time will tell. For me there are 3 different scenarios. We can still be in a bear move and BTC can brake down to at least 4800 usd. This would first be confirmed if we make a lower low on weekly chart which is below 5800 usd. For me to get concerned a key level to watch is 6300 usd. We fall below this level and we are likely to fall much deeper.
My primary count for now is the bull scenario. This due to the overall sentiment which i feel changing just now. I dont see much FUD or bearish sentiment. I see many positive news and as well the weekly chart looking good. Not too exiting but good!
But of course we have to be careful in the current stage!
BTC will have to brake key resistance levels before we see bigger volume coming in and confirming the next bull move.
Checking the 30 minute chart, we have been retracing to 6664 usd so far. Not too far away from the predicted 6666 :-) We have to see if the support will hold.
The question is if we can brake the 6850 usd resistance. I checked the chart for different possibilities of labeling the Elliot wave. But i will stick to my previous count. A different bull move count would be to place the black 1 where i marked the circle in the 4 hour chart.
Making this count not my preferred is the fact that we just retraced 0.382 and BTC usually does 0.618.
In a few hours the asian marked will start and we should see some volume picking up.
We might see a very brief piercing of the 6850 resistance or even a spike to the next resistance at 7100 usd. The 7100 is the next key level to watch out for. If we make it to 7100 i expect a correction to the 0.618 fib zone at 6300 usd, which lines up nicely with the cloud in the 4 hour chart.
Here the comparison of long and short:
The long contracts have been declining and the shorts have been rising a little. The longs are still in favour but this may change rapitly when braking the 7K.
I hope you find this information useful in addition to your own analysis and research!
Just missed to lable the current bull flag, so here it comes:
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