![Screen Shot 2018-06-15 at 6.20.45 PM.png](https://cdn.steemitimages.com/DQmbr6sL1CCknNr63LcQhWD4G9CE1R6p5iKrebioH73BGUj/Screen%20Shot%202018-06-15%20at%206.20.45%20PM.png)

Bitcoin has been continuing to consolidate for the last couple days. Price is being squeezed within a wedge. It'll more than likely break up or down by the end of the day. It looks like a temporary break down is more likely, before continuing the uptrend. 
Is this just a guppy rally? What would indicate a longer term bull run? I cover all this and more in today's video.
### Video Analysis:
https://youtu.be/s4thzMzC3aw

Please watch the above video for detailed analysis not found in the screen shots below.

### Waiting for price to breakout of the wedge. If it breaks down (which I expect it will), we have strong support between $6,380-$6,330. I'd expect a bounce between $6,400-$6,350.
![Screen Shot 2018-07-05 at 10.56.49 AM.png](https://cdn.steemitimages.com/DQmTYLMHay1Gvcm3PAy7dbT6RC2vExhfTMBfZnV1JPc1Y9i/Screen%20Shot%202018-07-05%20at%2010.56.49%20AM.png)

### My big picture count has Bitcoin in an ABCDE correction. Volume continues to decline on the larger time frames. A break above the descending resistance line would invalidate the ABCDE count. That would mean bitcoin would more than likely be in 5 waves up, with prior completion of an ABC correction. Much more detail in the video. 
![Screen Shot 2018-07-05 at 10.58.33 AM.png](https://cdn.steemitimages.com/DQmfEXocsMKcPV6TdhyTMnMRPXga6nzTAqFfxAA8WYbh4CW/Screen%20Shot%202018-07-05%20at%2010.58.33%20AM.png)

### Bearish divergence on the MACD suggests we will likely see a temporary drop in price in the next few hours. As stated, I believe a drop to the $6,400-$6,330 support zone is likely.
![Screen Shot 2018-07-05 at 11.00.14 AM.png](https://cdn.steemitimages.com/DQmWbDL7PmkiLgACTRNg8mFqayPCqoUKEKzRwoLcJtTJXuS/Screen%20Shot%202018-07-05%20at%2011.00.14%20AM.png)

### The 4 hour RSI has developed an ascending support line. I’d expect a strong bounce off this area if the RSI drops that far.
![Screen Shot 2018-07-05 at 11.01.06 AM.png](https://cdn.steemitimages.com/DQmbLuUaPqwKq3XgMdq6HN96uWGbxo2PWEbtm7sa6a9jV4F/Screen%20Shot%202018-07-05%20at%2011.01.06%20AM.png)

### Zoomed in, we can see what appears to be a leading diagonal. If the 5th wave is complete, I’d expect an ABC correction as indicated. This will likely test the $6,350 support zone where I’d expect a bounce. 
![Screen Shot 2018-07-05 at 11.01.26 AM.png](https://cdn.steemitimages.com/DQmV3txfATAocBVoczP914VucTzZ4gsaMybZkzGpBsZD29b/Screen%20Shot%202018-07-05%20at%2011.01.26%20AM.png)

Please watch the above video for MUCH more detailed analysis. 
Let’s see how the next 24 hours unfold.

**BIAS:**
Short Term: Slightly Bearish
Longterm: Very Bullish 

**I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!**
## *Workin*

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