SUMMARY
Bitcoin (BTC) remains above the upper blue trend line. The five waves up, which is the earliest indication of a trend reversal seems complete. The white waves in the below chart shows the $8,722 was likely the top of white wave 5. Elliott Waves states that after five waves there is a requisite retracement and the next chart provides a projected retrace.
The below chart shows an ABC option that would likely be a Flat given that wave A is three waves in subwave. B would also be complete and that C wave down is in progress towards the level of prior wave 4. The second option is an abcde (white) triangle and is quite likely given that it'll allow time to be extended. Let's see how this micro correction progresses and once complete, the next best ideal signal of a continued trend reversal would be for a second round of impulse waves up.
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