Target of the corrective abc flat since middle of this month could be the red trendline, which would also fit because then c = 62% of a, and 2' = 62% of 1'.
On the other hand, if the red trendline is broken, this would indicate that 1' is in fact wave 5 and a longer corrective move to around 350 USD may be expected.
RSI has fallen under 50 which may indicate a more bearish attitude.
On the other hand, if the red trendline is broken, this would indicate that 1' is in fact wave 5 and a longer corrective move to around 350 USD may be expected.
RSI has fallen under 50 which may indicate a more bearish attitude.
Comment:
Note: 350 USD would correlate to 4500 USD for BTC (see corresponding analysis)