BTC is currently bouncing on a 618 fib and prior structure support. If this bounce doesn't hold, we could be looking at an ABC correction here on the 4h to strong support levels right above 9k: 9000 being resistance on the way up now coming in as support along with some prior price structure, multiple fibs, and possible trendline support coming down from the previously broken pennant depending on potential algorithms at play.
The Adam & Eve pattern will be dependent upon the recovery the bulls make out of this healthy pullback. A measured move, as annotated above, could still take BTC to 11.5-11.7k because an eventual break-and-hold above 10k would signal further buying and FOMO in the market.
Note: Elliott wave count taken according to the start of the bull run breakout and the largest dips along the way.
The Adam & Eve pattern will be dependent upon the recovery the bulls make out of this healthy pullback. A measured move, as annotated above, could still take BTC to 11.5-11.7k because an eventual break-and-hold above 10k would signal further buying and FOMO in the market.
Note: Elliott wave count taken according to the start of the bull run breakout and the largest dips along the way.