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Bitcoin's (BTC) decline yesterday can be counted as an impulse sequence where wave 3 took place. Since wave 3 moves the most violently, the vertical nature fits quite well. Much of today will likely be used to complete waves 4 and 5. This means a probable lower low. The decline could also pattern out a downward pointing wedge (purple).
The wide scoped view shows the ZigZag (5,3,5) sequence still in play and should be at its terminal end. White wave 5 could also temporarily pierce the lower trendline. However, it shouldn't be decisive. IF this pattern is correct, this should be the last ABC sequence.
The longer term view shows the pattern that has been in play for the whole correction. The ABCDE count is correct with the E wave at the bottom trendline and not at the top. IF this is correct, then the bottom trendline needs to hold against any decisive breaching; though, it could temporarily be pierced.
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