BTC - support holding?

Here comes my update on BTC

BTC has pretty much done what expected in the short term just not as strong as predicted. We got a brief spike with the "opening" of the asian marked as predicted, followed with a profit taking in the same 4 hour candle. None believed BTC to brake above the resistance for now so the sell orders got in just below. We didnt make a higher high so it cant be labeled as wave 5. That means the black wave 1 finished at 6820 usd and all recent action has been an correction which we can label so far as an ABC. The subwaves shows the ABC can be done. It stopped so far as predicted at 6300 usd. BUT as the black wave 1 has been lower as expected, we might even see one more drop to 6170 usd or 0.618 fib zone. As i said before i would get concerned when breaking the 6300 support, which was based on a higher wave 1, i would be ok if we go down to 6170 and start our bounce from there. For now we have an area with good support and we might see a rise from here. The only thing makes me a little concerned is the high volume on the way down. Sure, many stop losses got triggered but still its showing the bearish sentiment left in the marked.

Checking the 4 hour chart, we can see we're just on the bottom of the cloud which is holding for now. The MACD has broken bullish some while ago above the long term triangle where it was sitting in, and for now it seems like we travel in a upward channel. If this channel is correct we could see the brake down to 6170 before the MACD is touching support. If we bounce from here we also confirm the previous resistance as support which would be a very bullish sign.

As long we not brake below 6170 usd i will only focus on the bullish scenario. For the bearish scenario please check my previous analysis.

Checking the long and short comparison charts, we can see the short have been gaining but the longs have been quite stable since yesterday what makes me feel positive.

I hope you find this information helpful in addition to your own research and analysis and wish a nice day! Stay crypto!

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.