This analysis is a less straightforward than the ones I've been posted.
Basically, BTC is in a corrective phase. Wave A looks good, wave B also good. Wave C, however, needs to see more downside.
Wave C in a correction needs to be a five phase impulse wave. There is a rule that the 3rd wave cannot be the shortest wave in the structure. If we tried to count 5 phases in the current chart, the 3rd would be the shortest. Thus, that cannot be the way to count wave C.
What we are likely seeing in the current downtrend is just the beginning of the 3rd wave in wave C. For wave C to complete, BTC will need to fall further than 30k.
Be very cautious with the expectation that BTC support at 30k will hold.
Basically, BTC is in a corrective phase. Wave A looks good, wave B also good. Wave C, however, needs to see more downside.
Wave C in a correction needs to be a five phase impulse wave. There is a rule that the 3rd wave cannot be the shortest wave in the structure. If we tried to count 5 phases in the current chart, the 3rd would be the shortest. Thus, that cannot be the way to count wave C.
What we are likely seeing in the current downtrend is just the beginning of the 3rd wave in wave C. For wave C to complete, BTC will need to fall further than 30k.
Be very cautious with the expectation that BTC support at 30k will hold.