Where are we standing? So far BTC has corrected to the 0.618 fib zone at 6.170 usd. Not unusual for BTC so far..We are in a area of a cluster of support which i marked yellow in the 4 hour chart below. We may have created a new upward trend line as well a new resistance line shown in blue. Not much has changed so far. The Elliot wave is still valid and will be until we brake below 5.800 usd and we make a new low.
The key levels to watch are when we brake marked structure in favor the bears at 5.800 and for the bulls at 6.850 usd.
We getting close to a bear brake but i am still positive and this are my reasons
1 I usually dont look much into the 5 minutes chart. But for now its interesting if we really have that much bear volume. Have a look into the yellow marked area:
We can see the candles with the big price movement and volume behind are big drops but the bulls are buying every single coin leaving big big lower wicks on the candles. The first big drop in price has not had much volume behind it
2 The long and short comparison chart showing very stable and even little rising long contracts and little falling shot contracts
3 Key level of 5800: The brake of 5800 would be very bad for BTC on many ways. But one thing i like to point out specific..BTC would drop below a marked cap of 100 bn which brings the ETF's in danger. The big boys just got a new toy and they don't wanna loose it now
4 The BTC marked cycles (500/250/125/62 days) did all finished at the 09th of July and now we started a whole new cycle which is pointing north.
5 The miners
6 I am a big fan of Cliff High and believe in his reports. Get his most recent report, read and enjoy!
All this doesn't mean we cant drop any further. None can predict the future, we can only calculate the probabilities! Therefore my bear scenario would be, after breaking 5800 and very hard spike down into the 4800 to 4400 area with a V shape recovery.
I hope you find this information helpful in addition to your own research and analysis!
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