BTC appears to be in a pennant pattern. A break to the upside or downside could be the difference between 8k region and 11k. For now, buy zones (green) and sell zones (yellow) are set based on pennant swing pattern.
The red trendline is a key level, if we drop below 11k, most likely will see lower lows for the next few weeks.
Most recent doji showing indecision, could lead into a reversal or more down trend. Watch the 1,2,3,4 hr charts for hints for the next daily.
If the next daily candle printed is green, put on your moonboots - 13k and beyond.
This is not investment...
This is a V2 update to my previous chart.
1. Wave 2 bottom
Moved the bottom of wave 2 to 10500TUSD, as this is the 61.8% fib retracement of wave 1.
2. Wave 2 length
In an EW Impulse wave, of wave 2 and 4 pullbacks one is a horizontal while the other is more vertical. Right now looks like we are in a horizontal as the market catches it's breath.
We just got out of rising wedge formation ( 4H candle must close below formation support). According to Wyckoffian logic (google: wyckoffian logic distribution accumulation on images) we had a failed rally 30 May and are on the way down. Short term we may test MA200 4H, long test the marked fibonacci level. Please check for additional ideas on the chart.
As highlighted in the chart bitcoin is in a triangle formation which is a continuation pattern of the downhill seen yesterday, but coution and stop loss is a must since bitcoin has often proven of not caring about chart patterns.
On a larger scale H&S formation which is bearish as well.
I would short about 7400/7500 USD with a tight stop loss...