Bitcoin (BTC) Evening Update: A Wedge Embedded Within a Wedge
Bitcoin (BTC) is not crashing, IMHO. The price action has not been a panic sell scenario but rather an incremental decline series befitting an ABC corrective move. The below chart shows that BTC is still slowly working on the red B wave of the ABC of blue D. Blue wave 5 seems to be in its final stages.
There is a small wedge pattern within a larger wedge. Usually, such embedding of patterns represent a short term oversold state. The blue wedge is labeled as abcde and they are themselves subwaves of the blue wave 5. This should be resolved overnight. IF this pattern and Elliott Wave are correct, then an impulse wave upwards is expected. Clearly, blue wave 5 would bring price more proximal to the Apex....let's see how the overnight activity plays out.
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