Long run up on bitcoin this past year, which would mean there has to be a retracement. Considering how much it went up, I'm expecting the retracement to be a big one as well.
Completed wave 3 at just under 20K. Already factored in the AB correction when price retested the sub 20K level. We're going onto wave C of the correction (5 wave down). Wave 3 of the correction is complete, now for the 5th and final wave, which is going to be a big one down to 5K.
In terms of cryptos, we've seen multiple extensions past the 0% on the FIBs, mostly to the -2.618. Under that guideline, I treat this no different.
With that being said, looking for price to go from 5K to 70K for long term.
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If we are going to see more downside movement, then 16.5K is where we can determine what price will do.
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Downside looks like it's confirmed. Touch of an unobvious trendline, and break under the yellow support.