BTCUSDT
is just about to complete Wave B and then begin its decent to Wave C. A bullish scenario would be that pierces through 9,700 and start impulsing upwards, however I don't think this is the case. I still believe that the bears have a little more gas in the tank. Over the past few days we have fallen back down into the downtrend channel (white line). As of right now, we have come very close to retesting, but have been unable to break through. That being said, over the next few hours the B wave MAY kiss the trend line or even go above it, but it needs to have a CLEAR break before we can even think of being bullish.
There is also immense downwards pressure on Wave B. Not only does it fall in the intersection of the downwards trend line, it also is located a point with major resistance (dashed line), which was where the previous supports were.
Over the next few days, I believe we will have another leg down to ~7,500 region. If that region fails to hold, then we will go further down to the next support lines at 6.2k and 5k.
On the other hand, a clean break above the resistance and trend line would be extremely positive and would signal a trend reversal.
Be patient, and stay cautious everyone! We'll be having clear skies before you know it :)