Bitcoin is likely forming an ABC correction with 5-3-3 subdivide

We have now been in the long BTC dumping since middle of April and its downtrend has been seen unstoppable and forever until yesterday that some of the strong buying signal came. As you can see in the chart, after forming tripple bottoms and higher high the trend looks good again. While retails sold some of their positions after breaking triangle trend, they may not have any good chance to buy back as the price incresed unexpectedly. This is the signal that bigger players come confirmed with its volume.

If we consider yesterday's price as the reversal point, we will have 2 scenarios left.

• ABC correction is complete which is, I think, not a great idea because it needs longer correction for this long running price since last year.
  
• A correction is complete and it started to form B correction in 5-3-3 subdividing. I think this is a better answer for the current price pattern. The confirmation will be if it can break the purple trendline and stand above 38,000.
  

Anyway, even if yesterday is not a reversal point, the price goes down and creates a new low, we are still in a good shape because the A correction will still be ending shortly according to the pattern.

Comment:

Expect a correction here before breaking the yellow neckline. This is, I think, the starting of B rebound wave of the ABC correction.