SUMMARY
So day time price had been mostly overlapping and so corrective. This confirms that likely the currently wave is wave 4 as shown in below chart. Price has not yet touched the bottom channel line but perhaps that'll happen overnight.
The micro closeup counts show the red abc corrective waves. The blue down impulse should allow price to touch and perhaps even briefly pierce the bottom white trend line. If the temporary piercing occurs, that'll actually be a bullish wick.
The key is for the bottom white trend line to hold as support. Should that happen, then blue wave 5 can be expected to bring Bitcoin to $12,500 or so. IF the bottom trend line supporte decisively breaks, then we have a different wave count which will be reviewed at a later time.
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