bitcoin:native now touched the second Blue box target area and the next 0.5 fib sits at $73,300. As I said 3 days ago, bitcoin:native needed to print another leg up on a LTF if it wants to go higher. Because it failed to print that 5th wave up, and only printed 3, this means the move up was corrective, and we would continue lower. This drop was a perfect example of why we need to recognize if the move is corrective (3 waves) or impulsive (5 waves). The next possible structures are explained in the pinned video from 1 week ago. There is a bullish divergence forming on the daily RSI. Is Bitcoin ready for a bounce soon, or a deeper correction first?
Aragorn WindbreakerShare
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