Bitcoin is in a pretty clear double zig-zag (5-3-5) correction since the ATH. We are currently in the 3rd segment of the last 5-wave portion of the correction.
The optimistic look is that we might be forming an ending diagonal/descending wedge here with a range squeezed between the green lines. This pattern is likely to hold because near where the price is going to drop to that support line is also in the area of the Feb 6th bottom (~$5800). This is the next good swing play is therefore around that trendline touch, expect a bump into the 4th segment from $5800 to $6500 or even up to $7000 (unlikely) before continuing the last leg down.
I then expect Bitcoin to break the $5800 and go down as far as $4500 area. But lets hold off on that until we see what happens near $5800.
The optimistic look is that we might be forming an ending diagonal/descending wedge here with a range squeezed between the green lines. This pattern is likely to hold because near where the price is going to drop to that support line is also in the area of the Feb 6th bottom (~$5800). This is the next good swing play is therefore around that trendline touch, expect a bump into the 4th segment from $5800 to $6500 or even up to $7000 (unlikely) before continuing the last leg down.
I then expect Bitcoin to break the $5800 and go down as far as $4500 area. But lets hold off on that until we see what happens near $5800.
