Hello and welcome to another update blog about Bitcoin.
On the Bitcoin chart we continue to see red candles so Bitcoin is still in corrective
mode and yesterday was already a warning.
Remember that I took the potential for an impulse to the upside from the chart because
even though just slightly but the 50% Fibonacci level broke of this length here.
So that told us okay we probably will not get a five wave move up and here you see that
effect because once the 50% Fib level is broken even though it was not a sustained break but
it didn’t look right anymore.
It gave us basically a hint and a warning that we might see a more extended B wave correction
down there to the downside or maybe even already a breakdown back into the larger support zone.