With the latest bounce today bitcoin is making it difficult to hold onto a bearish count near term, confirming somewhat my latest views that we are close to a completion in the correction phase. I am adapting a slightly different perspective here where I still allow a rise above 11k to complete an X wave in a triangle before we embark on a Y wave down to fully terminate the correction at 7500. This view is on the backburner for now as I want to see how the market reacts once and if we get closer to 11,200. A strong push thru those levels and an approach of 12k will increase my confidence that Y wave is already behind us and we are indeed headed higher. Until then I will remain neutral still with a bullish tilt. There is no need to get excited just yet, there will be time to jump on this more aggressively once the market is committed. Until then, keep the caution hat on and believe that the market can and will shake a few more times until a lot of people fall off.
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