BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello all cryptonauts, hope your doing good well. Just a recap on where BTC is up to, the EW count for 5 waves up has now failed and in fact most counts whether up or down have failed. This is due to the massive plunge out of the ascending triangle at the $7200 resistance level . So where are we now? Well, the good news is we are back retesting and consolidating around the $6750 mark and BTC is still over the green trend line which acted as support when it plunged from $7230. The support however is starting to lose relevance while the red one above comes in to play. I have two scenarios and have changed my sentiment to neutral. The first scenario is consistent upways move to retest $7250. If the price breakout at that level it must rise above $7500 to confirm a new bullish count and gain momentum for higher highs. For those that bought in $7000-7200 range you must make your mind up if you want to close your position or hold for the formation of a new bullish count. The second scenario is that BTC will hit the red resistance line and plunge back down to retest the $6400 and then the $6000 mark. This is less probable as this is evident with the bullish daily stochastic showing highly oversold conditions at the moment. It is a no trade zone for me at the moment at this point until we start seeing a break either way. 90% of the time BTC is going sideways and at this stage we can only track its path towards the red line. Whatever the case the corrections taking place are very healthy to allow BTC to get back to the ATH . The deeper the corrections the higher it will go. Thank you for your time hope you enjoyed my easy to follow analysis as much as I enjoyed making it.
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