SUMMARY
It's late and I'm tired but Bitcoin never sleeps! If Bitcoin (BTC) is putting in the final waves of the C of ABC, then the current microwaves seem a bit overlapping which is usually not the attribute of an impulse motive. The below chart shows the ensuing zigzag and the $8,200 target could be an attraction point during the overnight price action. However, if price can surpass $9,493; then it would mark the retake of the upper trend line.
It would be ideal if price could retake the upper white trend line; however, the microwaves would count better if there was a hit to the 0.618 Fibonacci target of $8,200. Is that an absolute requirment? No, not at all. However, the longer price stays submerged below the upper trend line, the less favorable the bullish scenario becomes. Let's see if the overnight price can support a bullish outcome.