#BITCOIN Daily Analysis $BTC #BTC 08.06.2021

Indecision candle: could be a pause, could be a beginning of a rally. Lots of support for the former though. Let’s explore this hypothesis in details from different angles.

Candlespeak & Elliott Waves
As forecasted yesterday, $BTC dropped to ~31k and bounced back. From the perspective of EW, the bounce looks like wave 4 that could take several days to fully develop. On the chart below I identified a possible playground for the wave.
From the perspective of candles, a first sign of a rally would be a daily closure above 34100-35000. Until this happens, no hope for the bulls.
Most likely, tomorrow, the price is expected to move in the ~32000-34000 range.

The coin moves strongly below 8 EMA line. In addition, the daily PSAR flipped bearish today. It is extremely rare for PSAR to move to the dark side on a day a rally starts. The volume also favors selling in the recent days.

To summarize, there are always bullish chances, but they are really slim at this point.

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