What's The Next Move For Bitcoin?
- Not gonna focus too much on Elliott Wave count here since we're clearly forming a complex pattern. My guess is that we're looking to form a WXYXZ triple combo pattern.
- What I focus on right now however are the trendlines formed on the log scale.
- If price continues to bounce within the trendlines, then a new low to the $5,300 area can be found
- Before that, we will probably see a smaller bounce. Please check next picture

[IMAGE: https://cdn.steemitimages.com/DQmQVnRQSPxrjxLPNarW4weBG2ZTp7F2uXzSMkLcmF9NMWx/Screen%20Shot%202018-08-08%20at%2013.19.35.png]

Mid Term View:
- For each correction wave down, we can see similarities in retracement levels.
- There's been a significant bounce at the 0.786 area of each fractal.
- If this pattern completes, then we could see a bounce to the 0.618 area which is around $6,800, before we continue down to the bottom trend line
- Also note that I've placed the correction target at the time where the ETF decision will be made, but don't take this too seriously :)

[IMAGE: https://cdn.steemitimages.com/DQmPxPFc8ACy4Uu2rCCimMnYCvCUZcHXw1F8NvTgFFt6Goj/Screen%20Shot%202018-08-08%20at%2014.31.35.png]

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Disclaimer:
I'm not a financial advisor and these are only my opinions. I don't take any responsibility for any investments that you make based on my analysis.