Bitcoin (BTC) Evening Update: Overnight Could Put In the $8,200 or 0.618 Fib Level; This Level Needs to Hold
Bitcoin (BTC) is still carving the subwaves of 5 (blue) of 5 (white) of C (red) of the ABC correction. These waves compose the ending part of the ABC correction. Based on prior analysis, the $8,200 is the 0.618 Fibonacci zone and perhaps overnight this target could be hit. The blue waves have all but wave 5 complete....let's see in the morning how the 0.618 zone holds.
The overall bigger picture is holding to the blue 1 and 2 waves and that the abc red are subwaves of blue 2. We are now completing day 2 of being below the white trend line. Once teh $8,200 is hit, price needs to turn up. In the event price slices right through the 0.618 Fib zone; the Elliott Wave and patterns change to an alternate count which will be discussed in the morning.
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