₿itcoin: Setback

Bitcoin has come under selling pressure in recent hours. We cannot rule out that a deeper dip may precede the next leg higher into the upper blue Target Zone between $117,553 and $130,891. Once green wave B concludes in this range, we anticipate a wave C decline into the lower blue Target Zone between $62,395 and $51,323 to complete the larger orange wave a. From there, a corrective rally in orange wave b is expected, which should set the stage for a final leg lower to finalize blue wave (ii). Meanwhile, we’re still monitoring the alternative scenario (30% probability), in which blue wave alt.(i) is still in progress. In this case, BTC would stage an immediate breakout above resistance at $130,891.

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