Not much really happened since this morning. The overall situation remains bullish with a lot of confusion and cautiousness all over the place. Listening to different ppl and none really know if we gonna break through 7,800 or if we have another leg down first. This confusion and cautiousness we can see in the chart as well. The bulls and bears are fighting and basicly we see sideways movement in a bigger bullish channel. If this channel is valid we should see one more spike down into the yellow box between 7,000 and 7,200. This could even complete a ABC correction in wave 4.
In my chart below i show different patterns which all has been playing out as they should do. It means as well that we move in a ascending channel and if this pattern is correct as well we shell break bearish after the next touch of support, confirming as well the wave C of the correction to come. We even can see declining bull volume on the move up and the biggest spikes in volume has been bearish.
As i can see much evidence for one more leg down, i remain to call this my primary count.
If we see a continuous rise in price, we gonna see it with very low volume as smart money will wait until BTC shows us the way more clearly, meaning breaking the resistance at 7,800 or possibly after the next wave down is in and we see a reversal.
For the longer term we remain bullish. The comparison of shorts and longs confirming this outlook. The shorts are just now at 38% and the longs at 62%.
One word to LTC:
My expectation for LTC to make a higher low on the daily didn't come true. The last days we can see ppl taking out money of Alts to get it into BTC. For that reason we see the bigger drops in alts and BTC very stable. Overall this is very bullish for BTC as ppl expecting a huge spike up. In the short term, if we see BTC taking another leg down, i expect LTC to go down into the 78 area. As long we not get below 74.20 the shown Elliot wave is in tact but levels has to be adjusted a little.
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