The overnight price action make me adjust my elliot wave count. BTC is traveling in an rising wedge and against my previous count i think the black wave one is not yet finished.
Yesterdays move ended up in a symmetric triangle of indecision which we broke bullish. This long triangle usually defines wave 4 which makes me believe wave 5 is ongoing. We are currently retracing in the blue wave 4 which is used to go back to test the 30 min cloud in the 6666 usd area. From here we might see the blue wave 5 briefly piercing the resistance at 6850 usd before we start the correction, the black wave 2.
Checking the 4 hour chart to estimate the low point of black wave 2, it seems like we get good support at 6400.
I make this my primary count but always keep in mind that we can bake down to lower lows as shown before. A new uptrend is not yet confirmed despite many bullish signs!
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