Bitcoin has showed some weakness making a lower low and as seen on chart dropped the 0.5 Original Pitchfork Median line (Green line) which has acted as a strong resistance/support trend for some time as shown in the red circles. Getting below this line reflects weakness in the market and the potential for a move lower. With the initial A wave drop being in 5 waves, we can expect a 5 wave decline in C where we have completed 3 waves on the lower time frame and currently seem to be dropping from a triangle such consolidation into the 5th towards key fibs linear ~1:1 fib extension at $41600, log 1:1 fib extension $43150; also important to note is the 0.25 median line of pitchfork which has confluence of strong support levels with key fibs which will be a likely area for many buy orders.
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