Today’s report will include:

All trends have a corrective phase, this seems to be the current situation after the recent developments on Bitcoin’s price action. There has been a noticeable structure break that has increased the probability for an ABC correction.

Points to consider,

Elliot waves are a guideline for trending price action, Bitcoin has recently completed the last impulse by establishing a Wave 5 that has now lead into a market structure break, this is consider bearish.

The next key resistance is the .618 Fibonacci, Bitcoin is likely to trade into this resistance area where a rejection can occur. This will further solidify an ABC correction by establishing the Leg B.

An ABC correction occurs after the completion of an Elliot Wave impulse, Fibonacci ratios are used to time the pivots on the correction. This is currently very clear on Bitcoin as it is approaching its .618 Fibonacci resistance. If price action rejects here, it will complete the Leg B of the correction.

The overall objective of this correction will be the lower .618 Fibonacci support. How price action reacts at this region will be indicative of a potential pivot and or continuation in the bearish trend,

Hope this analysis helps.

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Bitcoin Insider bouncing back to work, See you in the next one! 👊