When looking at the wave count of btc, there are 2 main possibilities.
1. This wave now is the 4th wave, making around 12K - 13K the target for the fifth wave.
2. We have passed the 5th wave already and are now correcting.
If we close under the 9k, the first possibility is no longer valid, as the 4th wave and the 1st wave cannot overlap.
If we stay above 9k and we break out of the falling wedge formed in this 4th wave with volume, the 12k - 13k target would be the next stop.
In case we close below the 9k, around 8k should be the next support.
1. This wave now is the 4th wave, making around 12K - 13K the target for the fifth wave.
2. We have passed the 5th wave already and are now correcting.
If we close under the 9k, the first possibility is no longer valid, as the 4th wave and the 1st wave cannot overlap.
If we stay above 9k and we break out of the falling wedge formed in this 4th wave with volume, the 12k - 13k target would be the next stop.
In case we close below the 9k, around 8k should be the next support.
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