A small range Doji candlestick for Monday sees both Elliott wave counts remain the same.
Price has moved lower for the week exactly as the last analysis expected.
The upper edge of the channel on the daily chart continues to provide resistance.
Price is now range bound. Two Elliott wave counts are used to map out possible movement and targets after a breakout in either direction.
An upwards week sees price remain below the invalidation point. Volume analysis is relied upon heavily this week to indicate the direction for next week.
Two main Elliott wave counts are published today. Confidence and invalidation points will be used to indicate which is correct.
Last analysis on the 8th of April identified a clear price point at 7,234.83 to differentiate two Elliott wave counts. A new high above 7,234.83 on the 10th of May has switched the balance of probability towards another bubble forming for Bitcoin, which would still be in its relatively early stages.
The focus of this analysis will be on identifying a correction for an entry to purchase Bitcoin at a good price.
The very short-term expectation at the hourly chart level was for some sideways movement. A slight lower low and lower high overall fits the expectation.
More upwards movement was expected. The last daily candlestick makes a higher high and a higher low, which fits this expectation.
A strong upwards day with support from volume sees price break out of the channel on the daily chart. This necessitates a change in the Elliott wave count.