This would be the argument for a short term bull set up which would take BTC to medium term horizontal resistance. After this, I assume BTC would try to fall back and retest the long term resistance line.
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For the bearish count:
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I would also just like to point out that the subwave 5 count does not have to go all the way to the 4.272. It could end at the 1.0, 1.618, 2.618. The 4.272 does coincide with horizontal resistance, however.