The bitcoin correction extended once more into new lows bringing this complex correction closer to the finish line. The solid 3k point rise ended up being nothing else then a B wave , which makes the subsequent drop as a C wave. Finished or not remains to be seen but the clues are coming in on smaller time frames. A conservative trader/investor would wait for a move above the upper boundary of the corrective trend channel before initiating a move. A more aggressive style would start building a position at current levels, while keeping in mind that the correction can extend a bit more if the current bullish move would end up being nothing else then a B wave in the still developing Y wave. The idea remains that the moves of the June 26th highs are corrective, so a rise above those highs is just a matter of time. Be patient here still and use the Wave Principle to guide you in understanding the market sentiment. We have tagged the 50% retracement of the jun 26th highs which while satisfactory is still short of an ideal .618 pullback for a wave 2. To conclude I would monitor the lower time frames for sustained impulsive price action and adequate corrections to fuel the upcoming rally above 14k highs.
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