This would make a perfect LONG opportunity as we have very strong resistance in the $610-$614 area:
- The bottom of the on the is at $611.39
- Wave (C) low was $610.10
- The 78.6% fib length of Wave (C) is $613.58
- Five waves down can be counted on this latest drop therefore we should get relief soon (if not immediately).
Place your stops slightly below $610 and we have a potential for a large move up with minimal risk to the down side. (Current price is $621)
If we hit our stops around $610 then it appears that the alternate wave count as denoted on the chart in red is in play. This alternative would have us going down further to conclude Wave (Y) and ultimately Wave (4). If our $610 stop is hit then we will post another update outlining targets and alternatives.
We now see strong divergence on the hourly chart which should confidently conclude this wave and at minimum provide a corrective wave up to $625-635 and best case reverse this down turn up for good.
There is a decent chance (>50%) that today is the cheapest that we'll see bitcoin for awhile.