SUMMARY
Bitcoin (BTC) overnight price action is showing that the correction is now well underway. The chart below shows that price will likely take the blue arrow path where it could touch and sit on the upper white trend line before resuming the uptrend. The alternate is the white arrow where price can temporarily pierce the trend line as a way of getting rid of weak hands and as result pop right back up like a buoy underwater.
The closeup view shows that five wave down is in progress and nearly complete. This would signal the next step where the blue (b) wave would provide a bounce towards the region of $11,300 or so. The final blue (c) leg of the correction will also consist of five subwaves; thus completing the ZigZag (5,3,5) correction.
The Fibonacci chart shows that the correction will likely reach the 0.5 (white waves) or the 0.618 zones (red waves).
The larger picture shows that the uptrend is still intact and likely follow along the blue arrow line. The Inverted H&S has NOT been invalidated.
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