Bitcoin has perfectly followed the ABCDE pattern I've predicted in my last few updates. The volume has been relatively high during this down trend which is a healthy sign. I expect Bitcoin to bounce off either the critical resistance point of $7,520 OR the bottom of the charted wedge around $7,200. This should be viewed as bearish short term, but very bullish overall. Bitcoin needs to complete this ABCDE pattern for closure. If we see a bounce at $7,520 or $7,200, expect to see an impulse wave up as charted. We see signs of bullish divergence on the RSI giving credibility to the count.
This count will be invalided if Bitcoin drops below the charted wedge . If that happens, the next decent support level is at $6,700 and below that at $6,000.
At this point, I think sitting on the sidelines is best until Bitcoin completes this correction.
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