BTC Update
Updated
Not taking into account the fundamental side, we can consider this dump as a correction and nothing more. There are two major supports from where 
BTC can return upwards: $7850 and $7650 and breakout the resistance of $7900, which will lead to the growth upwards.
More likely, the support of $7850 won't hold so the price will decline to the second support, but from there we expect to see a growth, according to the chart we see. So, local priority is slightly bearish, but overall is still bullish.
BTC can return upwards: $7850 and $7650 and breakout the resistance of $7900, which will lead to the growth upwards. More likely, the support of $7850 won't hold so the price will decline to the second support, but from there we expect to see a growth, according to the chart we see. So, local priority is slightly bearish, but overall is still bullish.
Note
BTC UPDATEAnd finally the price went to the crucial level of $7700. It is still early to open any LONG position there, as we don't see a positive reaction to this level. The next strong support is located very close, at the $7650 level, there we will also need to look for any reversal pattern or positive reaction to the level.
If the $7650 level doesn't hold the bears' pressure, we can expect the price to hit $7500, where we won't talk about opening LONG anymore. There we will expect a small upward correction and continuation of downward movements, the trend will be changed.
Note
Going upward, the plan is successfulNote
BTC UPDATEThe price continues growing and reached the mentioned resistance of $8160. Today we have already took hold above the B point of the previous ABC correction, therefore we absorb the first half of the downward movement.
Now the price have to test the $8050 support and show a positive reaction on this level, by pumping and absorbing the recent red candle. Very bullish setup.
Take a look at the chart,
BTC is currently located at the point 2, inside the wave 2-3 of the 1-5 Elliott Wave with the end at $8800. The end of the 2-3 wave is located at the $8550 which makes this level - crucial resistance from where I expect the correction to the $8400 where we need to see a positive reaction in order to move higher, to $8800.
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