SUMMARY
Good Morning! Overnight, Bitcoin (BTC) price action breached the lower white support line of the bearish flag as shown in the chart below. This is significant confirmation in the direction of the correction, which is down towards $6,600 or so.
The blue circled waves outline the subwaves of wave white circled 3. And if this price pathway is correct, then the day could end near under $7,000 or so.
It's very important to see that Bitcoin is NOT crashing nor is it collapsing. This correction seems very methodical and controlled. To the uninformed, those who purely shoot from the hips and trade using only instincts and gut feelings, they will be shaken and sell out. However, we Technical Analysts try hard to identify the trend and its degree and are not surprised by this correction. Technical analysis is nothing more than identifying as many possibilities and narrowing down to a handful of probabilities and selecting the primary price pathway. It's simply but necessarily easy, but more importantly, it works quite well. Much more details in the video!
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial
Laddering and Buy/Sell Setups.
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
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BTS Wallet - d2e60e9856c36f34
BTC Wallet - 15ugC4U4k3qsxEXT5YF7ukz3pjtnw2im8B
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LefeWrQXumis3MzrsvxHWzpNBAAFDQbB66
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**