Bitcoins bout to break 12.5 - maybe not -20% drop incoming maybe

The move from 12.5 K to 9.8 k was a zigzag correction. The current move up might not be bullish but in fact a B wave in form of a another zigzag. Possible reversal at around 12.4 K. If it is a B-wave, we should see a 5 wave move down to finish a flat correction on larger timeframe. Target for the c wave down will then be at least 9.8K.

Sure the move up could be bullish in which case 12.5 breaks. We will know if target for the B-wave breaks. For the moment there are bearish divergence on 6 h timeframe suggesting that we are in fact in a bearish b-wave

Enjoy and happy trading.

Comment:

No bearish divergence on 6 H any longer. It supports the bullish scenario