There is still no additional volume and no market interest to Bitcoin. As a result, the price is still weak and loosing steam.
Though the short positions are increasing and hit all time high, I am not sure there will be a huge buy in the next days.
Technically, BTCUSD is in the 3rd wave and this wave can end around 6.2k. The 4th wave can extend to 7.2k.
But, my ultimate target is still 4.5k.
Best,
G
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- I expect a downtrend this week to 5.6k-6.0k (strong support zone). - Next week can be a correction up to 6.5k. - Last week of April, the correction may end around 4.5k-5.0k.
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Short run estimate: I expect, BTC will hit $5.8-6.0k range in this (3rd) wave. But it is quite early to tell. Additional data will provide clearer image.
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The above chart is wrong, check this one:
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Record high short position and high level of long positions :) Though longs are stable in the mid-run but shorts are increasing. Market sentiment is still bearish.
But
Your Eliot wave is wrong ...