BTC has left the channel with bullish momentum and market gained over $50 billion in a week.
On daily chart we have bearish candle formation now (which is still forming itself). And BTC should fall to that channel line. It will be important that it won't be crossed, and price should bounce back up from it. If volume will stay as low as it is right now, BTC might be even checking $7,150 - $7,200 resistance line again.
On 4h chart, BTC was obviously fighting against "biggest correction size" (red box) in that downward channel.
These "red boxes" represent the biggest bullish move in bearish channel. It they start to be bigger and bigger, that can mean that trend will be changed. BTC slightly crossed that "red box" line.
BTC can bounce up and down for some time, but I'm still bullish in short-term. I believe that it will go up, and fight against upper resistance line of that big "Triangle Formation".
Similar situation was in April when BTC had a breaout from previous channel, but it fell again shortly after, just to check bottom support before going up again.
In my analysis I'm using Fibonacci Levels, Elliott Wave principles, Support and Resistance lines, Candle Patterns and formations, like Head and Shoulders or Triangles (latter more often than the former).
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