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Bitcoin (BTCUSD) - Stalking the Correction

Bitcoin $BTCUSD cleared $7500 over the weekend, but got into choppy trading and came down to test $7000.


(click to enlarge)

Short-term Momentum Turning:
- Price action has been bearish to start the week after almost reaching 7600.
- So far, we have seen a 3-wave "ABC" wave correction to 7000, this flattened the uptrend, but is not a bearish sign yet. 
- However, the RSI did fall to 30, a sign of short-term bearish momentum.
- I think we will see a battle around 7000. 
- Buyers might push it back up to 7200-7250.
- The RSI might come back to 60. 
- If so, we should anticipate resistance. A break back above 730 could liberate BTCUSD for another bullish swing, although I think most likely we are going to see a period of consolidation/bearish correction.
- I think ahead of the segwit2x hard fork, we can see price fall towards 6700. But first let's see if price can hold under 7250 and the RSI under 60.