Bitcoin Price Forecast: Elliott Wave theory projects a test of USD 6500 area

Bitcoin seems to have it a brick wall and trades 2% lower on Monday.
There is a new lower high that stopped on the 61.8% Fibonacci retracement.

BTC/USD 4-hour chart

Bitcoin has made a lower high on the 4-hour chart after rejecting the 55 EMA on the daily timeframe. Zooming in on the 4-hour now the lower high that was created and it stopped exactly on the 61.8% Fibonacci retracement. Now tracking the projections lower, the extension of 161.8% confluences with the 61.8% of the larger wave in blue. This makes the zone very strong and the probability of the target being tested is now higher.

On the 4-hour chart below the price has moved below the 55 period EMA but not the 200 SMA. The RSI is still in a depressed area under the 50 mid-line. Although this is the case, there is still space for a further move lower. It seems the bias has changed for now lets lookout for the test of the box marked in purple.

Additional levels

BTC/USD

Overview
Today last price	6768.51
Today Daily Change	-138.39
Today Daily Change %	-2.00
Today daily open	6906.9

Trends
Daily SMA20	6764.42
Daily SMA50	7211.55
Daily SMA100	8143.13
Daily SMA200	8053.73

Levels
Previous Daily High	7199.84
Previous Daily Low	6792.41
Previous Weekly High	7468.81
Previous Weekly Low	6681.12
Previous Monthly High	9215.51
Previous Monthly Low	3886.49
Daily Fibonacci 38.2%	7044.2
Daily Fibonacci 61.8%	6948.05
Daily Pivot Point S1	6732.93
Daily Pivot Point S2	6558.96
Daily Pivot Point S3	6325.5
Daily Pivot Point R1	7140.35
Daily Pivot Point R2	7373.81
Daily Pivot Point R3	7547.78

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