Wave Analysis

For close to a month now, Bitcoin has been trading impulsively to the lower side and even went below a key hourly support level 7304.12. This is a key level and as long as the price remains below it, we expect a momentum to the lower side with an ultimate target at 6521.00. This downward rally is highly anticipated especially while the price is below the upper trend line. In fact, we're likely to see a rise towards this trend line before a move to the lower side is seen. the anticipated bearish price rally will be the continuation of the impulsive wave (c) to the lower side and may break below 6500.

Trade Recommendations:

we're short towards 6500.00.