It appears that BTC is in phase D of the Wyckoff accumulation schematic. This is coming on the heels of a classic distribution event that ended with the selling climax in May. While this distribution event resulted in a thorough correction, we have not retraced far enough to invalidate the Elliot wave count. Wave two is wrapping up on the smaller set of waves that begun after the spring. The much larger cycle of waves is currently at the beginning of wave three. Fibonacci extension contains potential price targets.
Comment:
Update to idea, I think this idea was valid other than my trend lines were premature.
