Let's see which of the two scenarios will play out! On one we have an ABC uptrend after the drop and it should make 5 waves down, on the other a correction to wave 4 and a jump to wave 5! #btc
The divergence turned out to be quite weak and the price gave up the annual VWAP, making a 7% decline and taking the accumulated liquidity! If it fails to return to the previous range of 58k we will expect lower levels! #btc
Here according to Elliott Waves we can expect a 4th wave completion around 42-43K with fibonacci on a measured regular and logarithmic chart, once we have a correction completed it will determine the 5th wave is currently taken from the 49K level! #btc
BTC after the last decline to $49000 rebounds from the OB and Fibonacci 0.618 area after which the price fails to break and refuses the Anchored VWAP from the top and Point of control (POC)! It is currently stopping at the Value Area Low (VAL) from the last bottom, if it does not hold there, it will test the lower levels again, there is also an unvisited area at $43,000 #btc