BTCUSD Breaking Through 7k Level-New Resistance?

11 Jun 2018

On BTCUSD we are tracking two different wave counts on a daily time frame, as its unclear if market is already back in bullish mode or are we going to see a new 2018 low first. But short-term direction is bearish after recent turn down and strong break through 7k level so ideally there is an intraday five wave fall in progress now. Based on recent extended leg down, we think that this is wave three and that wave four may occur in the near-term which could slow down at important 7k resistance area.