BTC appears that it is playing out a complex Wave 2 correction. Though, there still stands a strong possibility for a dive under 3k (And subsequently a push to 2k by the bears), the fact that BTC closed at $3430 on the 78.6 is a fairly suggestive sign. As well as currently being in a falling wedge. This, in my opinion, places BTC in favor of the bulls at the moment (This last downward move also felt like a bear trap). It stands to reason that this was a fakeout to pile on the shorts expecting a further plunge for BTC. However, if we look at the data, and BTC's affinity for hitting the 78.6 we can conclude the R/R is in favor of the bulls for a significant move up. Not to mention the fact that the Wave 3 1.618 fib extension would hit the long-term support now bear line (In pink) precisely. Coincidence? I happen to not believe in them.