A break below $27'200 will confirm a move lower to $25'424 is underway.
A break below $1'920 will confirm a move lower to $1'540 will be underway, from where we could start building a long-term position.
Last time we said:
‘Looking at the wave count we should see a new low below the wave (iii) $25'424 with target area at $24'590 and around the bottom of the channel and the $20k level. A move back above $35'200 will be the first indication a low is in place but we would look to start buying at the above levels. Once wave 4 is complete BTC should rally to new highs above $80k’
BTC traded sideways in a corrective triangle that should be ending anytime. A break of $27'200 level will confirm that the final wave lower to the levels mentioned above is underway.
Last week we said:
‘Whilst below $2'500 we will continue to look for a final 5 waves lower, to complete the long term correction, towards the bottom of the channel and the $1'540 target area’
Like Bitcoin we have been ranging in a wave (iv) corrective triangle and a break below $1'920 will confirm the correction is over and we will look for waves lower towards the $1'540 area where we would start building a long-term bullish position.