In previous charts, months ago I have called for a final BTC correction ending at around $4800. This scenario is still in play for me, but while trying to make the EW count match for the last leg down, I am starting to see a possibility for a bounce from a more bullish target. We are in a large C-wave down (see the "Ultimate bear case", link below). What we see on this chart, is really starting to look like an ending diagonal, of which we might be in wave 4 of.
The current bounce we are seeing from $5780 upwards is facing heavy resistance right now, and chances are high that it will not get much higher. There is heavy resistance at $6429, which also coincides with the golden-pocket retracement of wave 3 (between 0.618 and 0.65). This is a nice confluence zone for rejection downward, if we get that high. If we happen to break through $6429, we are facing our last resistance on the way up near $6600, which also coincides with the 0.786 fib retracement. If we break this resistance, this count gets invalidated and the overall tone a lot more bullish, since we might go to $7500 in that case. But remember, we are still in a down-trend, and chances are high that we are going to re-visit 6k and below afterwards.
The current bounce we are seeing from $5780 upwards is facing heavy resistance right now, and chances are high that it will not get much higher. There is heavy resistance at $6429, which also coincides with the golden-pocket retracement of wave 3 (between 0.618 and 0.65). This is a nice confluence zone for rejection downward, if we get that high. If we happen to break through $6429, we are facing our last resistance on the way up near $6600, which also coincides with the 0.786 fib retracement. If we break this resistance, this count gets invalidated and the overall tone a lot more bullish, since we might go to $7500 in that case. But remember, we are still in a down-trend, and chances are high that we are going to re-visit 6k and below afterwards.
