There is no certainty in market and anything is possible.
Here is a possible scenario if there is no sharp fall in price and #BTC does not go below 6200.
Current prices at 6200 stop loss has a good risk-reward and good to enter.
Its a bit hard to foresee these kind of complex corrections; specially triangle patterns.
Anyhow, I will update the chart in case further fall in price is expected.
I want to make an explanation ...
After we hit All Time High at 20K in December-Jan, #BTC started the correction phase and it is a very complex and complicated one to be honest.
Zigzag in “W” wave, “x” and in “Y” wave are considered triple waves and we are currently encountering a triangle. Present price is in “C” lag situated in this triangle (oval)
Wave “C” from the big triangle:
In this wave we witnessed a complex correction from 11700 until 6200 region.
I expect a new rally to the top upto 11K after completing this wave and reaching lag “D” situated within the big triangle.
Hopefully we are almost done with this wave and whats important is the completion of (abcde) from small triangle; which we can expect sharp #BTC movements after it breaks out from the wave.
Sluggish trades; slow price movements and reduced volume is completely normal in this correction phase.
After the completion of the pattern and crossing 7500 price point, we can see an increase in volume and sharp price movements.