BTCUSD 4H Update

Just an update to the previous idea. It looks like we are getting the 5th wave down now. Previous idea still seems to be holding true. Might be seeing 8k in the very near future. A lot of trend lines etc line up with the 0.786 retracement level. MACD is crossed on 4H chart currently.

Interestingly enough the MACD has now crossed on the 1 week chart. This hasn't happened in about a year from the best I can tell. We could be seeing much lower over the next month, but hopefully this was just another normal correction and we continue up.

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Testing oj trend line. If it breaks past it expect to retest 0.5 retracement level. Still expecting a lower low. This may just be a little pump before the 26th. It could end up being that the correction is in fact over. Should have a better idea in the next couple of days. MACD is close to touching on the 1D chart at this point. Will update as this progresses.

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orange trendline still intact currently

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BTC has broken above the orange trend line, but has been struggling to break above $11,600 price range. MACD is about to cross bullish on 1D chart, but this 1 week chart still isn't looking too hot. MACD has crossed bearish on 1 week chart. We could be in downtrend for a while yet big picture.

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Hopefully find bottom around $7800, but could carry on down. I'm expecting a decent bounce back at this range at the minimum. Time will tell.

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Obviously it crashed through the 7800 bottom to the next long term support before the bounce back. Inverse head and shoulder formed, broke above the first resistance and heading towards more. Need to break above the upper resistance to get out of bear trend.

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(Red arrows on above post are points to look out for a reversal back to the downside. Points of heavy resistance)