The last time I updated, I have expressed that failure to breach the $6.4k - $6.7k zone will bounce the price back up to $6.4k zone. Looking at the price chart, the price bounced back as expected up to $6.58k and it is currently at $6.85k.
The previous ABCDE corrective wave was invalidated due to the failure of breaching the $6.4 - $6.7k zone. I have adjusted the ABCDE corrective wave, supported by the 4-hr RSI and MACD indicators, as shown below.
I am expecting for one more dip up to $6k zone before the bullish run. However, clear breach of $7.7k zone followed by $8k zone will invalidate the current count.
Looking at the 30-min RSI, it shows that the bears are weakening as we are getting higher low RSI but lower low price, thus, it further support the bullish move in the mid - term.
Short - term price movement: Bearish
Mid - term price movement: Bullish
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