Bitcoin is showing some bearish signs on the RSI and MACD. We may get another low. That would mean that this bounce is a dead cat bounce and an ABC correction. Wave 5 could bring us to sub 6k ranges.
So what would the best play be? For swing traders and day traders, this could be an opportunity to lock in some profits. I would back in on confirmation that the up trend is continuing. We would simply back the next dip. For long term hodlers, I would advise against selling. The end of the correction is in sight. At most, we get one more low. This just my opinion and not financial advise, so take this with a grain of salt.
This is another scenario that could play out: an extended C wave. So don't be a happy trigger thinking we got a impulse wave if the price continues to climb higher.
griffi61
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very possible, what was looking like a bull flag could now be forming another down channel...