Let's take a look at the Bitcoin technical picture at the H4 time frame. The market is about hit the projected target zone for the wave (c) of the wave (2) and now it should bounce form it in order to test the local technical resistance at the level of $9,434. The market conditions are now oversold, so it should help to bounce in the short-term. Nevertheless, if the zone between the levels of $8,184- $7,703 is broken, then the next technical support is seen at the level of $7,464.
Green scenario - wave 3 to the upside progression.
Red scenario - decline to the swing low development.
Green scenario - wave 3 to the upside progression.
Red scenario - decline to the swing low development.
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Chart.
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The longer we stay inside of this sideways move, the bigger problems will bull have to surge higher. It might look like the market wants to test this 61% Fibo level.
