We are currently in a very healthy ABC correction. You'll notice that B wave was hovering around the bright blue trend line, and I believe that the C wave will bounce off the other longer term bright blue trend line. The bouncing point also lines up with the subwaves of wave C.
This is the VERY bullish scenario. Because an ABC correction right now means the next waves will go much higher past $10k. We need these corrective waves to relieve pressure so that impulses can go ever higher. A lack of corrective waves will cause BTC to crash much harder later when people take profits all at the same time. Intermittent corrective waves like this allows people to get in and get out incrementally rather than in all at once and out all at once.
if you look at the waves going up to $19k - there was NO major corrective wave, all of them were really tiny so when it hit $19k, there was a massive correction.
This is the VERY bullish scenario. Because an ABC correction right now means the next waves will go much higher past $10k. We need these corrective waves to relieve pressure so that impulses can go ever higher. A lack of corrective waves will cause BTC to crash much harder later when people take profits all at the same time. Intermittent corrective waves like this allows people to get in and get out incrementally rather than in all at once and out all at once.
if you look at the waves going up to $19k - there was NO major corrective wave, all of them were really tiny so when it hit $19k, there was a massive correction.