SUMMARY
Could the below scenario be probable for Bitcoin (BTC)? Where the current degree of decline marked by the red ABC be the correction? IF the reversal occurs in a clear five wave impulse (blue) and not a three wave, overlapping corrective sequence, yes. However, what bothers me on this correction scenario is that it occurred too fast and hasn't eaten not enough time. Crypto corrections are almost never fast. So, this scenario would be the alternate.
The primary still stands as shown below whe the current price bounce for the blue B which should traverse in the red ABC manner. Blue B should be able to tag the $9,200 or so area before declining in blue C wave down to make a lower low. Yes, there is the likelihood of mid $7,500 or so for the C completion point.
The Cup & Handle pattern still progresses, unphased. This is why I much prefer the longer term be it normalizes out all the wiggles an squiggles that seem big but rarely are when viewed with a big picture perspective. The white parallel lines show the alternate scenario for the handle formation and the blue parallel lines show the primary count. Let's see what happens in the next few days.
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