ABC correction in previous analysis is not valid any more. BTC is consolidating at 6500, it might be ABC flat or (more probably) WXY combo . Now it pretty much has the power to break through the 7000-ish resistance area and make new highs. Of course, it *might* fail to break the resistance, which would give us the standard ABC correction and downtrend, but it is less probable now with the current strength. The longer it consolidates the higher the chance we get new highs. 1.618 extension would bring us to a double top and probably turn this pattern into a large 3-3-5 correction (In that case I would expect the price to retest current levels). However, in the last cycle we just saw how easily BTC extends to 2.618 which would bring us to higher highs.
TL;DR: It's not a good time for shorting now, there is a chance we never see these level any more.
TL;DR: It's not a good time for shorting now, there is a chance we never see these level any more.
Comment:
Moment of truth is approaching. If we experience a sideways correction, it would be a bullish sign. EW theory says sharp correction is more probable (bounce from 7000-ish levels). If that level breaks I think we will retest the support around 5900.