Bitcoin falls just short of 7182 before capitulating through the 6850 support level invalidating our recent count. Shortly after, the midterm trend line failed to offer support which was not good for bullish sentiment. This provided evidence that our primary wave count was incorrect. All is not over for the Bulls, but the Bears are clearly in control.
Technical analysis is no different than a scientist testing a theory. Assumptions are made and tested, with the results validating or disproving our theory. Since our count was invalidated we adjust our chart, support, and resistance levels and look to how the market reacts before taking further action.
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