The triangle assumption previously discussed in our bitcoin
analysis three weeks ago didn't hold as the throw under didn't happen following the breach of the triangle support. The next possible corrective pattern could be a double zigzags. The $4200s level is likely to get hit, as we have two and half points of convergence at that level. Why two and half? The first one is .782 fib level. The second one is where wave c is equal to wave a in the 2nd zigzag
in terms of points. The half a point is the trend line
which is subjective. I had to switch to the log graph to see the bigger picture. Litecoin is mimicking the same patterns.
Remember, my wave targets and channels are estimate target levels and are based on Fibonacci and Elliot Wave
Principles. They are subject to possible adjustments. Timeframe was not taken into consideration when projecting targets.
DISCLAIMER: THIS IS NOT PROFESSIONAL ADVICE BUT MY PERSONAL REFLECTION OF THE MARKET.