Unfortunately, we dropped lower to a price nearby 6000$.
The rebounce was strong, which is good, because we see a strong support there.
On the way down, we formed a clear nice and now we have an correction to a price nearby 9500$.
Fortunately, we formed a reverse pattern, which is a strong sign of a reversal.
If we break the red longterm nearby 9600$, we should be in an uptrend again.
Overall it's looking good, but be cautious!
We have currently an interesting situation formed.
IF we assume that we are in an Elliott Wave correction, we can expect to cross the red downtrend line.
Wave 2 retraced to 0.382, thus wave 4 retraced stronger to 0.5.
Furthermore we have a picture perfect 1:1 extention of wave 3. If that's the case, wave 5 is normally aming for a 1.68 extention.
That would bring us obove the red line.
Moreover, we are on the edge of the 1h Ichimoku cloud, we are oversold on the Stoch RSI and the MACD is contracting for a minor uptrend.
That being said, a rebounce is likely.
BUT, it could be also just an ABC correction and we go down further now.
We still need a confirmation either way!