It's good to know, "where" is BTC at the moment. When you're investing into alts. BTC sudden bull/bear run can make your bag full of alts go red. It's good to first anticipate BTC position before investing into new alts.
In my opinion we are currently in the "Triangle Formation", because we were bouncing from it's lines several times already. What we have now is wave "D", after which should be wave "E" and possible positive breakout.
In smaller scale wave "D" is "falling wedge" channel with 3 strong resistance points. BTC crossed the first one, which was 70.80% Fibo line, next one is 78.60 and finally triangle bottom support line.
So now, since Bitcoin bounced from one side of the wedge, it's going for another one. If that line will be broken, this chart needs to be updated.
And finally on 1h chart, we can see that bigger wave "C" can have 5 smaller waves, and currently price can be in wave "4". If so, we can assume that wave "5" may look similiar to wave "1" in lenght, since wave "3" was extended one.
So, we can end up around $7200 cluster, or fall even lower to $7000 which is also triangle lower line. Time will tell.
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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