Adding to my growing list of grim observations, Bitcoin has everything it needs in place for another dramatic move lower. The move down from the 7/7 high looks like a good impulse wave (which I will label as green “1”), and it appears to be retracing in a “2” now. It may go as high as the orange box, but there are enough waves in place now for it to be complete at any time.
If I am right, the next move lower should take it to at least $15,000.
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