Looks like BTC completed 5 waves down within a channel for a wave C (wave 1 was extended). It has also completed a possible ABC correction of this move down.
I've detected a trendline suggesting BTC may see a temporary 5 wave bounce from here. I anticipate a pull back (possibly to 6075) followed by a move up.
If this happens and we see BTC break the recent high in the mid 6500 range, then 7300 would be a very valid target for wave 3 up. After this theoretical 5 wave pattern completes (possibly topping out around 8k), then I see the downtrend continuing and possibly picking up steam.
Thoughts?
I've detected a trendline suggesting BTC may see a temporary 5 wave bounce from here. I anticipate a pull back (possibly to 6075) followed by a move up.
If this happens and we see BTC break the recent high in the mid 6500 range, then 7300 would be a very valid target for wave 3 up. After this theoretical 5 wave pattern completes (possibly topping out around 8k), then I see the downtrend continuing and possibly picking up steam.
Thoughts?