Bitcoin (BTC) overnight price action likely completed wave 4 of a five wave decline for a higher degree of trend red wave C as shown in below chart. I'm using the expanded flat a,b,c waves as the guide to this correction. The blue waves are composing the completion of the c wave of the expanded a,b,c.
Now, there is a scenario and count where the five waves could be done as shown below. This count is technically correct for five waves down of a c wave. However, the subsequent waves are very three wavish. More importantly the last chart shows additional reason why there is likely one more lower low.
I want to thank @dbrdr for sharing the below chart pattern. Well done! It shows that an a,b,c,d,e could be in progress. IF that's the case, then it lends to wave C going to around $13,203 or so. That also jives well with the one more lower low requirement of the above first chart. Let's see what happens during the day time price action.
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Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Tutorial on the use of Fibonacci & Elliott Waves
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