Due to the fact that the current downward correction on BTCUSD is quite extensive in time and in the price, I decided to present two potential wave scenarios:
Scenario 1 (main):
The growth impulse from the level of $ 5,930 ended with three waves and the current correction is a wave 4 of the entire growth impulse. The maximum range of this adjustment is 50% Fibo at $ 8,850, below this level the adjustment will be invalidated as too deep.
Wave B (pink) correction may have already ended or it will end around $ 10,953 and only then there will be a drop in the C wave (pink). Wave 5 (pink) is still expected.
Scenario 2 (alternative):
The growth impulse from the level of $ 5,930 ended completely and wave 1 of this impulse was the Leading Diagonal. The current correction is wave 2, which can reach even $ 8,158 with its range.
After the completion of the wave 2 correction, a dynamic increase in the price in wave 3 is expected, which will easily break the level of $ 12,030.
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For now, the market is consolidating, so the option of breaking down to $ 8,850 is the most relansed. A correctional growth scenario is now less likely.
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The current situation shows a possible termination of wave 4 ABC corrective cycle at the level of $9,260 and the beginning of wave 5 impulsive cycle. Alternatively, the market has completed wave 2 correction of a higher degree and now is time for wave 3 to unfold. This wave should easily break through the level of $12,000.Anyway, we should go up now!