BTCUSD Update: Very Important Level

BTCUSD hit our first top projection at 6200 level, but we still see room for a new high, so we have to be very careful arround those levels! We believe that Bitcoin is in minor three wave correction of red wave (IV) with strong support arround 5000-5200 level and 38,2% Fibo. retracement. Keep in mind that 4th waves can be very complex, for example: flat corrections, triangle patterns or even more complex corrections. If Bitcoin goes straight to new highs, be aware of 5th wave, our second top projection arround 6400. But if Bitcoin from any reason declines and breaks lower our strong support at 5000, then we could face even bigger and much sharper decline back to arround 3000, where we see next potential support!

Have a nice weekend!