Lack of impulsive action from the price of bitcoin makes it vulnerable to further downside near term. We are hugging indeed the lower boundary channel and ideally we want to see a reaction higher from these levels or slightly below. There is a question of another 4th wave developing prior to completion of the larger C of Y of 2 in which case the final 5th would allow for a considerable rally towards 8,200 mark. The overall crypto space feels still heavy however, so it will take some conviction to get this ball rolling. I am on the lookout for evidence of the larger wave 2 completion but so far it's pretty weak. I am confident however in a strong upcoming rally, that so far is asking for more patience.
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