SUMMARY
Bitcoin (BTC) has been consolidating for most of the day. The below chart posted in the mid-day update shows the prior labeling of blue wave 4 and 5. Time has elapsed since then and I blieve a pattern is being printed.
While there are multiple ways of labeling the waves; the conslidation seems to best fit the abcde triangle pattern. This is often what wave 4 usually shows prior to placing the very last wave 5. In Cryptos, almost always, a triangle pattern is either a wave 4 or 2.
Once the five waves are complete, Elliott Waves states that there is a requisite retracement. In this chart, the red abc show where the retracement could go....towards the prior wave 4. Let's see how the overnight price action plays out.
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