Few days ago, Bitcoin established a supportive trendline and is still pretty much above this trendline. As long as this trendline protects the lowerside, we expect a possible rebound from it to culminate into a rally to the upper side. We expect the recent rebound from it to have marked an end to the corrective three wave cycle, that any clear movements to the upperside will be the unfolding of another impulsive five wave cycle and should break above 6695 towards 7413.80 or even higher. This view can only be invalidated in case the price breaks below the lower trendline, if this is the case, then a movement further lower is expected.

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