BTC lost 7k in two days, while ALTS held strong. It is a good sign!
**BITCOIN STRUCTURES:** Pennant Formation - White trend lines
Uptrending Channel - Orange lines
Elliott Waves 1, 2 & 3
Current Support - Yellow Line
Bitcoin formed a 'Mini-Teepee' Formation which suggests a short term consolidation. Despite this correction, BTC managed to hold above psychological support of 60k.
As long as we hold above 60k, we will continue to look for that 'wave 3 TOP' which could be around mid 70k region.
This correction is healthy in my opinion, the market needs to cool down a little because our indicators are mostly overbought And this correction will give other people chance to join the party
Breaking below 60k on the other hand will yield 58k to as low as 53k. Crypto will still remain bullish at this point because 53k is only testing that previous breakout point (Previous resistance now acting as major support) - This type of scenario will fulfill the ABC correction - Again, this will happen IF we break below 60k..