📢**#Bitcoin Correction Not Over Yet❔️ Key Levels to Watch**👇🏻
Bitcoin remains indecisive as the correction from last week's highs grinds on. The chart continues to bleed red candles, indicating the overall bias remains bearish for now. Yesterday's breakdown of the 50% Fibonacci retracement level around $67,500 was an ominous warning sign that the current pullback could extend much further before finding support.
Two potential scenarios are battling it out right now based on the Elliott Wave principles:
**Bullish Case: ABC Bounce Playing Out**
The more optimistic outlook views the recent rally from the $59,500 low as just the start of a larger ABC corrective bounce (yellow path). Despite the recent breakdown, as long as the $62,300 level (78.6% Fib) continues to hold, Bitcoin could still push up in 5 waves to the $70,000-$73,000 region to complete the "C" wave of this bounce.
To confirm this bullish path, traders will want to see a clear higher low form, followed by a break and daily close above the $66,600 swing high - indicating the uptrend has resumed.
**Bearish Case: C-Wave Downside Ahead**
The alternative bearish view is that the bounce to the $67,000 golden ratio level (61.8% Fib) was sufficient to complete a typical "B" wave correction within the larger downtrend. Under this outlook, we may have already topped, with further downside ahead as the "C" wave plays out - possibly as an ending diagonal pattern.
A break and daily close below $62,300 would increase the risk of the selloff accelerating back into the key $52,000-$60,000 demand zone
In Conclusion: The market will need to show its hand at critical levels like $62,300 on the downside and $66,600 on the upside to give traders a better sense of directional bias.
As is often the case in crypto, the chop and indecision could persist for a while until one side regains control. Traders should stay nimble and let price lead the way instead of forcing any particular count. Patience and adhering to key levels will be critical in the days ahead.