Summary

I always advise caution before any trade, but now more then usual. We're on unsteady territory, always ladder your buys/sells, never go all in!

Long term scenario(over 6 months) - Bullish
Short term scenario(1-2 days) - Bearish (7600-8200)
We can see that starting from the 6th of Feb and up to know the 0.68 Fib acted as a very strong support for wave 2.

We are now on wave 2 (descending purple line), which i see it as a simple ABC formation.

C wave is in question for the short term and its break down is according to my analysis a 5-3-5 subwave process.

The bearish scenario would be supported by BTC's sideways movement, failure to break over 55EMA and inverted flag formation that is slowly coming into play.

Risky outcome from the title - comes from the fact that if we break 9800 the above is overturn and we'll be on a bullish count so i would advise against shorting before down trending beneath 8720$ (of wave 1) or taking a long position before hitting 8200$.

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