SUMMARY
Bitcoin (BTC) on a daily chart shows that prices were repelled by the upper line of the broadening pattern. The video is highly recommended as it has tons of details and ties in everything much better. The resulting red price candlestick is also showing a potential bearish engulfing pattern (explained in detail in the video analysis). The MACD's lower low still shows a negative divergence to price which has made a higher high. The white signal line of MACD is also curling downwards. Whether this is an actual turn or correction requires a higher resolution charting.
The hourly chart clarifies what BTC might be up to. I have labeled wave i,ii,iii,iv and v (white) of wave B. I believe wave iii (white) has completed and now wave iv (white) is in progress. This means that once wave iv (white) is complete, then wave v (white) is next. So, for now, the $6,200 target is still on.
Here is a five minute chart where the a,b,c, of wave iv (white) have been labeled. Wave c of wave iv is actually sublabeled into five waves (1),(2),(3),(4),(5) (white). Once a lower low is put in, a turn is expected towards $6,200 and it will occur in an impulse set of five waves as shown in below chart.
This Video Analysis is highly recommended to get the full scope of this report:
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BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**