This is a fast update of a possible scenario and might be worth following!
My EW of 5 seems to make sens and looking at stoch rsi, macd and the rsi, it may still reach one more hump to complete the 5th wave. I might be way of target, but keep an eye on this one if it still plays out.
Point 1: the wave 1 and 3 are very similar and the 5th could be the longest of the three. Point 2: RSI wave count/length is way shorter on the 5th wave compare to first and third wave, even tho time might fluctuate with EW scales. I still think it is a little too short cycle to have completed the 5th wave.
DYOR!
All the best, B!
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BTC is right now above the channel formed by the first and third wave highs. I would consider this idea to be valid until 8000-8050ish breaks to the down side, in that case the 5th wave is done and we are correcting down.
Inside this supposed 5th wave up I think BTC is forming the 4th down right now.
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And now the battle is on, big buy walls are eaten up by panicing sells, lets see if this bounces as a beartrap or if this really is the turning point to correction. :)
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Could this be the turn, RSI got a bounce of, MACD bullish cross. Tiny ascending triangle could break up. Bigger picture, this might be making a bull flag to consolidate for a couple of days here.
For now, it hasn't fallen under 8050, so idea is still valid.