SUMMARY
Bitcoin (BTC) overnight price action has shown that the corrective pathway is likely an ABC zigzag (5,3,5) correction. Primary count shows that wave a,b are likely done and c down is in progress. The bottom white support line must not be decisively breached. A temporary piercing is expected and favorable as then it would be a bull wick; but the breach can't be decisive.
The alternate pathway for the correction is shown below in blue abc waves. It only means a longer time frame but same destination.
The subsequent five waves down for the blue c wave would provide the abc bottom and marking of wave 4. Again, the bottom white line support needs to hold.
Here is a chart of a longer degree of trend view. Once BTC reaches the top blue line to around $12,354; that becomes a critical junction.
What happens at that critical junction will determine whether this whole rise was a bounce or not. More to come in later posts as to what to lookout for at this juncture.
Overall, we need to have into close awareness the potential for a bull trap scenario. IF we see indications of this; farming for cash could be desirable! I still remain bullish and believe the bottom is likely in; but NOT fully until we breach this top blue line decisively.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It shoud not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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