The decline of BTCUSD has reversed from the targets of previous posts.
With slightly adjusted wave count, it seems that Wave C of (2) has ended near A = C target and (2) = 0.786 x (1).
However, the bounce has been lukewarm and does not give us confidence, yet.
The price movement formed a small up-trending channel, but the angle is not quite sharp and RSI wanders around near 60, a bear market resistance level.
To make sure that (2) is truly ended and Wave (3) is in progress, the price should move above this channel.
If it will break below, the odds are more significant downside, say, below 6500.
More charts can be found at www.white6intelligence.com
With slightly adjusted wave count, it seems that Wave C of (2) has ended near A = C target and (2) = 0.786 x (1).
However, the bounce has been lukewarm and does not give us confidence, yet.
The price movement formed a small up-trending channel, but the angle is not quite sharp and RSI wanders around near 60, a bear market resistance level.
To make sure that (2) is truly ended and Wave (3) is in progress, the price should move above this channel.
If it will break below, the odds are more significant downside, say, below 6500.
More charts can be found at www.white6intelligence.com
