Bitcoin short term target is towards 6300/6400. Then bullish.

Bitcoin has dropped sharply towards 9000 levels before pulling back. The crypto is seen to be trading around 9170 levels for now and is expected to rally towards 9500 handle before reversing lower again. After taking out resistance at 10500 earlier, Bitcoin has been working on a corrective wave lower towards 6300 levels. A standard flat seems to be in the making since 10500 highs. The short term wave counts are as follows: The rally from 3850 through 10500 seems to be an impulse, Wave 1 on the chart here. At the moment, potential Wave 2 corrective drop seems to be underway towards 6300 levels, which is also the fibonacci 0.618 retracement of the previous rally. Thereafter, Bitcoin should resume higher towards 13800 and further, as Wave 3 unfolds.

Strategy:

Long against 3850, targeting above 13800.

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