10.7.2020 Update (Wed)
The big picture on the daily time frames
BTC remains in a bullish trend with the active seller group still selling in profit, which means buying the dips will still be the priority. Two strong supports below are 10.3-10.5k and 9.3-9.6k. SOPR is close to one, which means the next dip buying opportunity will likely coincide with a “decr. supply” alert.
The ever changing battlefields on the hourly time frames
NEutrAL to bearish
Sentiment now mixed. CME gap from $10.47k going to be closed soon. BTC is traveling in a triangle with resistance at the 10.7-10.8k zone, and support at 10.3-10.5k. Elliot wave speaking, we are missing a 5th leg downward. So I expect another small bearish push to 10.4k. This would push the Bitfinex sentiment to the bearish side, fueling a bullish move afterwards.