Bitcoin does not reveal its path easily.
Looking into the bullish scenario which is shown in the black wave we have finished wave one and are now working on wave two. So far we retraced to the 0.382 fib zone. The retracemend could be done but most likely its not. We should see further decline into the cloud before turning around. This would be very healthy correction and we form a higher low on the daily chart. From here we see wave 3 starting. 1.618 from wave 1 should bring us to 8K .
The bear scenario would start if we brake below the cloud, 6309 usd, where the light blue wave 5 would come into play. If the decline into the cloud start now we coming into an area with very little support and we can expect a flush down through all supports into the 4800 usd area. Here we create a springboard and we should see some good volume.
A third and more „friendly“ scenario would be to just hold the level from now in some sideway movement not below the 0.382 fib (6402 usd) where we create more support on the way.
What ever happens all scenarios fit very well into the cycles of BTC which are ending on the 09th of July. After Monday we may see some nice upwards movement holding the rest of the week.
I hope you find this information helpful in addition to your own analysis and research!
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