SUMMARY
Bitcoin (BTC) decline has been orderly and not panic induced. It's pattern still remains a downward wedge. The daytime price action has now put in blue waves 1,2,3 and 4 as shown in the below chart. Again, these compose the red B wave of the blue D.
A close up showing how the blue waves align to price. IF this is correct, then wave 5 of white (C) of red C remains. This should take price to the mid $7,450 or so to provide the proximity to the apex and ideally a breakout.
The daily MACD 12 day white moving average line has crossed down through the red 26 day moving average. This is not necessarily detrimental in that if the chart above shows that the red B wave is completing, then the impulse up that follows should allow the white line of the MACD to turn up again.
Needless to say, the longer term support line shown below needs to hold. If it is decisively breached, the next support line will be in the mid $5,652 or so. The bull flag potential is another pattern variation and remains valid.
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