Hello All! Merry Christmas and Happy New Year! :-)
After almost hitting 20k landmark on 17 December, BTC started still ongoing correction.
This correction is taking the shape of the Wolfe wave (purple). The validity of the major pattern is being confirmed by internal structure as the minor orange wave formed between points III* and IV. Even though, this orange pattern is slightly disproportional and can hardly be viewed as classic one, it is definitely working and thus is being valid.
I expect BTC price to keep going South and to re-test strong demand zone at 9-10k which had already provided the base for the previous major move before (yellow WW in the bottom left corner).
If this is really the case, point V of the major wave can provide an interesting opportunity for long entry.
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While the orange WW keeps working, the price is forming another minor blue wave.
If successful, it'll ensure the continuation of this downtrend. If not, and line II-IV (purple) of major pattern is broken, this will signify the end of current correction.
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Bulls are prevailing as BTC resumed the uptrend by breaking minor blue WW and settling above line II-IV of the purple pattern.
Even though this may be a false breakout, volume dynamic is currently implying further move to the North.
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As BTC keeps struggling to find strong support, the previously described WW is no more and the the major correction continues.