The Wave Structure
As you can see, from the left, we have the super cycle impulse 1-2-3-4-5. Then we have a double combination for the corrective wave W-X-Y (in black) consisting of
The entire picture is itself a . In traditional , it is actually a formation. However, gives it the proper context. We are looking at the ending of the corrective structure. For those who are interested in this formation, you can take a look at my analysis of AROC which I have put the link here. You can see that the formation itself was actually a formation instead of , just like the current formation.
We also see that Bitcoin did break out of the triangle on the 30th of June. What this means is that our stop will be below the low made then: < $5780.
The Macro Setup
In this section, I talk about what I see in the financial markets as a whole. If you have followed my recent ideas, you will know that I have been getting VERY on the US Dollar . What this means is that financial instruments priced in USD will strengthen. Bitcoin is no exception here. I do not speculate on the fundamental economic reasons. The news may tell you that it is due to the trade war. Maybe Trump may counter on the Chinese Yuan depreciation (note that I have a analysis on the Chinese Yuan)?
tells us that price moves before macro-economics actions. Maybe the news may tell us what I have just said soon.