Either we'll have enough buy pressure to breakout of the downtrend/descending wedge, OR, we'll move down to $5,500 before rebounding to meet the trend line.
If we fail to break out of the trend at $6,400, which I don't believe we would fail, we'll fall out of the descending wedge to $4,800 and $3,000.
With lower volume comes more oblique angles in the reversals of price. These means less momentum/pressure to both the up and down side. The first reversal line is almost vertical, the second at a 45 degree and the third even more shallow. We can expect the pattern to continue for the next waves. For this current wave, the resistances and fibonacci line up well with each other. Elliot waves can tell a rather predictable climb up, assuming things go well. Finally, if volume doesn't kick this reversal beyond the down trend line, we'll see $5,800 and $5,500 as new bottom targets as we reach the bottom of the descending wedge.
If we fail to break out of the trend at $6,400, which I don't believe we would fail, we'll fall out of the descending wedge to $4,800 and $3,000.
With lower volume comes more oblique angles in the reversals of price. These means less momentum/pressure to both the up and down side. The first reversal line is almost vertical, the second at a 45 degree and the third even more shallow. We can expect the pattern to continue for the next waves. For this current wave, the resistances and fibonacci line up well with each other. Elliot waves can tell a rather predictable climb up, assuming things go well. Finally, if volume doesn't kick this reversal beyond the down trend line, we'll see $5,800 and $5,500 as new bottom targets as we reach the bottom of the descending wedge.
Comment:
It's hard to to tell if Bitcoin will break cleanly above $7,000. If it can't in the next couple of days, that will be it for the bulls and we'll begin falls to the next supports.