As per Elliott Wave theory, wave 4 should not retrace lower than wave 1. Also, we are at 61.8 level, so if the bulls are to take charge, this would be the moment.
If you want to get it, wait for some green volume candles to come in and market structure. Risk to new lows.
BITMEX:XBTUSD seems to be playing at the bottom of an arch projection from the top, being close to the middle point.
If it can hold in the next days above the 2/1 Gann line and break through the 3/1 green line and the big orange trend line this can be the start of a new upwards cycle.
Price is in previous range RLZ, looking for a retracement to the 78.6 of the previous move equal to the previous correction from the 29th of June.
We have MACD divergence, Willy is oversold, waiting for market structure.
BTC seems to be at a critical level, if we close below the current trend line, we could be going down, but if we keep closing above in the next 3 days and break through the channel there are chances for a reversal