SUMMARY
Tom Lee of Fundstrat astutely categorizes Bitcoin (BTC) as an uncorrelated alpha. It is correlated to no traditional asset class. It marches to its own waves of sentiment and this is what usually stumps most traditionalists from Wall Street. They have no idea how exactly to valuate an asset class that has no correlation.
Bitcoin (BTC) is on its own pathway and the below chart shows that price is adhereing pretty well to the free hand drawn scribble that's been jeered at by the cynics and the uninformed. Let's see if overnight prices could form out the Right Shoulder.
Same chart and pattern but viewed with Elliott Waves show a downward wedge is in formation and its nearly complete. Does Bitcoin like wedge patterns? Can wedges be considered a personality attribute of Bitcoin? In a word, yes!
From a larger picture perspective, nothing has changed. The blue D wave still appraoches and two pathway potential lies ahead for the breakout.
Keep an eye on GBTC as noted earlier today, it could potentially forecast an incremental lower low for the much of the Cryptosphere:
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