1-2 setup (update 1)

In my previous post, 28 Jul, I mentioned bitcoin has reached the target price of wave 5 of the impulsive wave and about to undergo a corrective wave (abc). It was since then drop from 70,000 to 62,400 within the past few days. I will reckon this drop as wave a of the corrective wave 2 as illustrated in my previous post and update in this post.

It shall embark on a counter rally as wave b with a target price of between 67000 and 68000, within the retracement range of 0.618 and 0.764. The lower trendline of the parallel channel will act as a resistance line as depicted in this chart.

Once it reaches the target range, it shall head downwards as wave c.