When looking at the bigger picture, we can see that bitcoin has formed a pennant.
A pennant is most likely to break out in the direction of the trend, wich is down at the moment.
Still a breakout in the other direction is possible.
The next opportunity to long is close, when we look at EW.
We have had 5 waves up, now followed by a correction (ABC).
Now btc is completing its C wave.
The trigger to buy would be to see 5 waves down or around 6.6k as it is the extension of the A wave.
Just like the big reversal of the first correction, the c wave was the extention of the A wave.
A pennant is most likely to break out in the direction of the trend, wich is down at the moment.
Still a breakout in the other direction is possible.
The next opportunity to long is close, when we look at EW.
We have had 5 waves up, now followed by a correction (ABC).
Now btc is completing its C wave.
The trigger to buy would be to see 5 waves down or around 6.6k as it is the extension of the A wave.
Just like the big reversal of the first correction, the c wave was the extention of the A wave.