What is next for BTC
As expected BTC has continued with its bullish pattern and successfully completed 5 waves up. We have Broken through resistance at 6530 and next major resistance is in the 8500 area. On the weekly we are within a thick ichimoku cloud influence area. We have had almost 3 months of medium to high volume bullish movement. Certain amount of retracement seems likely at the moment. If BTC manages to stay within the weekly ichimoku indicator cloud the bulls will try to gather momentum to test the upper edge of the cloud. If BTC falls, then next major test of support will be at 6530 region. This support will probably hold. In case it doesn't then we will fall down to 3k region once again. The bearish scenario seems unlikely at the moment. But some amount of retracement to test 6500 support would be healthy for BTC. There has been minimal profit taking at the moment and new investors seem eager. 8500 resistance will be difficult to break though and a retracement seems likely at the moment
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