Bitcoin has bounced pretty well in the last several days (yesterday especially), forming a nice A wave correction. At this point in time, we have likely reached a local top. The is at 0.7, indicating we are in overbought levels and the is overbought and topped out on the 6 hour, indicating we get a B wave down in the coming hours.We have to remember we are still in a downtrend until clearly proven otherwise, and depending on how we interact on these levels we'll be able to tell more clearly whether Bitcoin wants to approach the upper bound , retest the lower bound, or potentially later breakout on either side. On the 4 hour we are inside the Span B cloud, and that acts as a significant . Based on current price movements, I believe we correct to just under the BBands median (~$7450) before continuing higher upwards - likely to around the 6 hour Span B cloud at ~$7800 - before getting any continued major resistance. All the best with your trading!
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