I would like to give a quick update on BTC price action + ABC correction failure + Impulsive channel broke and bearish outlook + Potential double combo WXY correction
As mentioned in the previous update, bull run indicators have failed us but risks were recommended at a great consideration. Two selloffs have triggered a strong downward price momentum for BTC and broke the ABC correction with impulsive channel.
At this stage, the very possible bearish scenario is the double combo Elliott correction wave which is well heading BTC to 0.618 and 0.786. This also forms a parallel channel. BTC might just bounce back from from wave W to the recover wave X within 0.618 and 0.5 Fibonacci Level but then but it would fall steeper to 0.786 to finish off the double combo correction phase WXY
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Disclaimer I am not a professional technical analyst or financial adviser. This should not be used for trading action but rather a contribution of knowledge to the community.