An idea for the current area of the BTC chart.
We have some consolidation just under the new ATH.
I think we could be up for some additional volatility.
Complete the ABC correction before a new ATH.
As always look for the local reactions.
The local wave IV has not been confirmed yet. I could basically go all the way up to 71.800 and still be valid. Additional confirmation would be losing the POC of the range. Which could give a short setup depending on the reaction and information given.
The C correction would...
We have been consolidating for some time. And I think we have still more upside to come.
But the current price action and the fast decline have been too short to be a wave 4 correction. So I believe we need to go down again before more upside. A SFP of the local top and making a lower high, and not taking ATH would be a possibility.
SFP of the ATH for completing...
I think we are in the correction wave 4 right now before a bigger move to the upside.
There are many possible ways for this to play out, but this could be an idea for maximum pain before going up.
