SUMMARY
Bitcoin (BTC) overnight price action shows it to be below the Neck Line. IF this count continues, a brief rise for white wave 2 of C is expected. This pathway is not calling for a lower low but a wave an ABC retracement.
The target is set to the 0.786 Fib zone as the minimum travel for the H&S shows $7,670; beyond the 0.618 Fib level.
I'm keeping an eye on this wedge pattern as well; given how BTC has the trait to form these repeatedly. IF a breakout occurs, then the wedge could serve as the wave 2 and no travel towards the 0.786 Fib level would be required.
The wedge would still deliver a 0.5 Fib level retracement which is a common retracement zone.
Meanwhile, teh larger Inverted Head & Shoulders pattern is still in play and has not been invalidated. I've angled the Neck Line to reflect the fractal with the smaller inverted H&S that was completed.
The video has more details on this; but here is the Cycle degree of trend for Bitcoin showing that from the genesis to about $20k; it was wave 1 and the current correction is fulfilling the role of the wave 2 correction. What comes after wave 2? Wave 3 and the distance it can travel will be jaw dropping and the speed at which it can deliver such 5x, 10x, 20x; 30x; 40x rates of rise will be a sight to behold. So, what matter does it make if Bitcoin makes a lower low? Of Bitcoin, at such levels I would be an aggressive buyer!
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