correction in previous analysis is not valid any more. BTC
is consolidating at 6500, it might be ABC
flat or (more probably) WXY combo . Now it pretty much has the power to break through the 7000-ish resistance area
and make new highs. Of course, it *might* fail to break the resistance, which would give us the standard ABC
correction and downtrend, but it is less probable now with the current strength. The longer it consolidates the higher the chance we get new highs. 1.618 extension
would bring us to a double top
and probably turn this pattern into a large 3-3-5 correction (In that case I would expect the price to retest current levels). However, in the last cycle we just saw how easily BTC
extends to 2.618 which would bring us to higher highs.
TL;DR: It's not a good time for shorting now, there is a chance we never see these level any more.