SUMMARY
Bitcoin (BTC) thus far has turned back without touching the upper white trend line. While using the angled trendline is quite common, incorporating the horizontal support levels is as effective. The below chart shows that the topmost yellow line coincides well with the 0.618 Fibonacci zone of $8,200 or so. Recall that the relationship between waves 1 and 2 are that 2 can't equal the origin price of 1.
As posted earlier, the $8,200 zone could be targeted. Elliott Waves have show the impulse down pathway for wave C of the ABC correction. So yes, this would mean a lower low is likely to complete wave 5.
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Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
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Essay: Is Technical Analysis a Quantum Event?
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