14 May 2021 ● 04:38 AM
Bitcoin broke below the low of 48,409 made on the 25th of April. The decline was a 5 wave move which should now be wave A of a larger ABC correction. Wave C down is now in progress which should also be 5 waves [this is called a zigzag], wave iv is over and minor wave v of C down should be the final leg. It can go towards where C=A near 43,431 or towards the reverse channel line for the one-year rally at 39,700. 1 of these levels will hold out and we will get a bottom in wave 4 long-term. After that wave 5 up should take us back to new all-time highs.