Detailed BTC Prediction: Ready Your Orders

BITMEX:XBT   Bitcoin / US Dollar Index
BTC Forecast on the Four Hour:

Bulls have defended against a short-term head & shoulders (on smaller timeframes), though momentum is slowing and a bear flag forming here on the 4h.

We can expect a correction down to test prior price structure support around 7490 before continuing upward to attempt further bullish elliott waves . Two sets of fibs are drawn on the chart to indicate two fib levels around 7490 in addition to the structure support .

Keep in mind we could overextend downward, or alternatively show more bullish strength and bounce higher than this target, but there is a strong probability of a retracement to this green region should bears push us down out of the current flag.
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