#Bitcoin = Daily Analysis – On The Fence 2 = 06.07.2021 $BTC #BTC #crypto #cryptocurrency

BTC continues horizontal move. Squeezing range and decreasing volume. A breakout is going to happen very soon. Let’s explore the hypothesis.

Daily
After yesterday’s Bearish Engulfing, BTC was expected to follow up. However, against the odds, it made a green candle. Though, the candle stopped right under the 8 EMA line and on a lower volume. The volume has been steadily decreasing over the last 3 weeks.
A 100/200 daily bearish MA cross could happen in the next few weeks.
Odds: Bearish-Neutral

Elliott Waves + Forecast

I still think that BTC is working on a wedge/diagonal and it would resolve down. However, we might see a week or two of painful see-saw movements before the pattern completes.

This is the short term forecast from the weekly analysis on Jul 4. Nothing happened so far to make me change the outlook.

“I think that BTC is trying to form a diagonal that would be the wave C of (B). If this hypothesis is correct, the upcoming week would be full of unexpected see-saw moves and BTC is expected to stay within the charted narrowing channel.
The typical target area for such formation would be 37k-39.5k.
1. If BTC starts an aggressive wave down before reaching the target, it would be viewed as truncation.
2. If BTC advances over 37k, the count will likely be invalidated and a bullish structure would take place.
Based on the anticipated candle structure and the most typical expectations of the corrective waves, I expect BTC to continue working on this diagonal structure for the majority of the week, reversing on Friday-Saturday. “

In the monthly and weekly analyses (links below) I discussed the mid/long-term perspectives and shared the long term chart that remains unchanged for many months.

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