SUMMARY
So overnight, price decline further down incrementally. The below chart shows an updated Elliott Waves for the subwave of red C. IF the wave 1,2,3 are complete and 4 up is next with a lower low on blue 5.
The overnight decline has created bull wick event as shown. This likely has completed the red C wave of the ABCDE sequence. Within the contracting lines of the symmetrical triangle, the remaining waves red D and E remain. However, keep in mind that the breakout could occur at wave D. In order for this scenario to take places, the lower white support line of the triangle can't be decisively breached.
In the bigger picture, what has changed? Nothing. So, whether Bitcoin decides to take the first or alternate road; it won't make much difference; counter to R. Frost's beautiful poem.
A BONUS: A $500 Tril Crypo Market Potential?
For anyone who get down because of a correction, however large or minor, or feel that they are losing some faith in Bitcoin, the below outstanding video by Tom Lee of FundStrat should be very helpful. Whenever you feel down on Bitcoin, view this video which is an absolutely amazing fundamental assessment of the Cryptosphere market.
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Elliott Wave Counting Tutorial #1
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Tutorial on the use of Fibonacci & Elliott Waves
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Essay: Is Technical Analysis a Quantum Event?
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