As soon as BTCUSD broke the channel downward, it swiftly fell 6700 area which was the support in April.
I updated the Wave counts bearish as it seems the decline from May top is developing more impulsive than corrective. Based on this scenario, the sudden drop from the channel may send the price slightly below the April low (6400 area) and will possibly bounce back to Wave ((iv)) (7000-7700). However, BTCUSD may eventually go way lower than April low.
There can be different Wave counts, and I think the above is the most bearish scenario. Even considering the alternate counts, it doesn't seem to be the time for bullish about bitcoin for mid-to-long term.
More charts can be found at www.white6intelligence.com
I updated the Wave counts bearish as it seems the decline from May top is developing more impulsive than corrective. Based on this scenario, the sudden drop from the channel may send the price slightly below the April low (6400 area) and will possibly bounce back to Wave ((iv)) (7000-7700). However, BTCUSD may eventually go way lower than April low.
There can be different Wave counts, and I think the above is the most bearish scenario. Even considering the alternate counts, it doesn't seem to be the time for bullish about bitcoin for mid-to-long term.
More charts can be found at www.white6intelligence.com
Comment:
After testing April low, BTCUSD did rebound but only small portion of June 3-13 decline, and could not enter 7000s. The next downside target is hard to guess. In a bearish situation, maybe even 3000 and 5000 handles can be considered. See the highlighted areas in the chart below (reverse Fibonacci Targets of 1.382x & 2.0x).
