Just an idea looking at the waves (and lots of them). I'm not tied to this particular idea, just throwing it out there as one possibility. The alternative as I see it would involve BTC falling through the trendline shortly. Thoughts?
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Zoomed in view of the theoretical wave that would take BTC to around 9500 under the above idea. The current wave would be the B wave of the correction off the recent 5th wave up (and also the D wave as part of an ABCDE triangle).
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Sorry, the current wave would be the E wave of the ABCDE triangle (not the D wave as accidentally stated above).
BTC is somewhat far off this idea, a better possibility currently will be a bounce from here or to make a lower low from the strong support and the second green trendline from a year ago, the market going down to 3000 would put the whole crypto market to 120 billion unless BTC isn't leading the whole crypto market any longer, a better possibility from my opinion it falls down to 5,000 support and bottomed at about 200 billion market cap