Bitcoin has reached the top line of long term descending channel on 4 September 2018, failed to break above it, and dropped from 7400 to 6100 this month. We're definitely still going through Wave C correction, which is not finishing anytime soon. BTC/USD Trade volume is drying up on all major exchanges, because bitcoin is consolidating between top line and 0.236 line of descending channel, the market is hesitating, people are waiting.
On a smaller timescale, 4-hour MACD has crossed up, indicating a very short term upward movement. This rally could go up to 6900-7000, touch the top resistance line of descending channel again. If it breaks above temporarily, it could stop near the 200-day moving average at 7489. Very unlikely for BTC to break above its 200-day moving average firmly, if it did in this month or October, we should re-evaluate the big picture very carefully, because that would mean BTC could have finished Wave C correction much earlier than expectation.
