Bitcoin has been forming an ascending channel this past month but volume is declining and rsi is showing bearish divergence.
If this ascending channel holds it could give good signs for bulls but if it breaks it could start a sell off for the short term
If the channel breaks below i can see us bouncing at the 50 moving average (blue line) and continuing the bull trend
Falling below 7600 caused a massive stop loss hunt and panic in the market , weve had a strong impulsive pattern to 3.1k to 8.3k so far and it makes sense for us to have a correction
My next target is 6400 if this trend line breaks down
If 6400 holds as support we could bounce back above 7000 to form our B corrective wave
July will be the end of this abc correction wave that could take us to $5140.55 which is the golden ratio of the entire fib structure of this 1-5 impulsive wave
We will start a new bullish impulsive wave upwards starting July 2019 that could last another 6 months and take us above $15,000+
Since the impulse wave of 3.1k to 8.3k was a 163% gain and this next...