We said that wave (iv) had completed last week, but the subsequent price action indicates that a larger zigzag correction is underway. Look for a move up towards the $20'500-$21'000 area where we would sell with stops remaining at $22'800.
We still expect a drop in the BTC to new yearly lows to end the correction off the yearly highs. However a move back above $22'800 will be the first indication a low is in place.
In the last update we said:
remain bearish for a new low towards the bottom of the channel. Wave (y) will equal wave (w) at $1'180 so start reducing shorts around that level and I would look to go long at the bottom of the channel currently at $1'100
A little early calling the sell-off and I have changed the wave count to show a larger zigzag correction playing out. Look to sell in the $1'480-$1'555 area with stops at $1'660. A break below $1'300 should see an acceleration lower and I would buy now in the $1000/$1'100 range.