BTCUSD’s trend will be dictated on the weekly S/R, currently holding but a break will confirm a lower low.
Current price action is considered bearish, testing the .50 Fibonacci where a rejection will confirm a bearish test and establish a lower high.
The Elliot wave theory suggests BTC is in a corrective phase. The validity holds true if characteristics of an Elliot wave are present in price action. For example, wave 4 characteristics is complex price action, this was reflected in BTC’s recent wave 4.
Overall, in my opinion, further price action will determine BTC’s trend. Confirmation of a bear trend will be on a break of weekly S/R.
Hope this analysis helps!
Thank you for following my work!
And remember,
“Reaching any goal in trading requires specific domain knowledge and technical skills. But then, after that, it's all mindset management. Yet most people ignore that —they automatically think they have that last part all figured out, and it's a mistake.” ― Yvan Byeajee