source avatarMinga

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$BTC We are rejecting from the top of the Falling Wedge on the LTF. If we continue rejecting there, we will see continuation back down towards the 62k-61k region. What I'm looking for going into the Monthly Close is a move to the downside to establish our Wave 2. The first move after a month opens is usually the bait before continuation higher, so it would make more sense to push lower into the Monthly Close, take out the liquidity, and mark Wave 2 before pushing up towards the Wave 3 region. Now it's important that we hold the Golden Pocket (0.5-0.618 Fib region) on the revisit for this Wave 3 scenario to remain intact. Theoretically, the Wave Count will remain valid as long as Wave 2 stays above the low of Wave 1. But the 60k region is a key support zone itself, which should be respected for continuation to the upside from a structural perspective. Now, if we push towards the upside first and start rejecting from the 67k-68k region, I will look for a Swing Short simply because it's going to be a similar scenario to what we saw at 97k and 82k previously. If we see bears holding up strongly around the 60k region after rejecting 67k-68k, then it will open the room for a push all the way down to the current lows and the 54k region. I'm personally Bullish and expecting 70k+ in August, but the confirmations are yet to come, so there's nothing to be excited about just yet.

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