⭐ Merited by JayJuanGee (1)
An update was posted: https://www.tradingview.com/chart/BTCUSD/pmV1uLC7-Bitcoin-Longterm-update/
Ah, he re-drew the mid-line. I'm not surprised. Given the strong reaction we just saw on the 1-week chart, it makes sense to re-fit the regression.
Unfortunately, his forecast is still basically "up or down."
Price action from the $6,600s forms a clean impulse. That's good news because it suggests it was a Wave A or Wave 1, meaning there is probably more upside to come after this pullback. We should be prepared for continued dipping into the mid-$7,000s. There's a nice gap there that needs to be filled.
Bulls are looking pretty strong. Bears had a shot at forming a "three black crow" (bearish) pattern on the 1-day chart. Instead, we've got a bullish engulfing candle which closes in 15 minutes. It's possible the $7,800s were the last chance to buy the dip, and there's some short squeezing coming.