SUMMARY
Bitcoin (BTC) price action was a near precision hit to the red A wave and has bounced up to likely put in the B wave of the retracement. Price might once again poke above the upper white trend line and this would provide another weakness generating event to the resistance line. Recall that each time the resistance is hit, it weakens. Therefore, if B wave also pierces the upper line before declining into the C wave, it would be ideal.
The below chart shows the Inverted Head & Shoulders pattern. I've redrawn the blue line to show how better symmetry might be in order. Symmetry is key in any pattern and in this case, the lower low of the RS fits well into the potential abc corrective wave but also provides better symmetry to the Left Shoulder which also began with a lower low v-neck and thus it would be fitting for the RS to end in a similar price action. This could potentially show that the C wave of the abc correction could be a temporary sub $9k or so.
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