SUMMARY
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Bitcoin (BTC) needs to put in two full rounds of an impulse rise to confirm a trend reversal. The below chart represents the first round and IF correct, $8k should be exceeded. The 5th wave completion would trigger a correction following which the second round of impulse should take place.
The ABCDE waves are in progress with C and D remaining in the below chart. The short term fits well into this pattern. The wave D would require an abc (red) and that could poentially be in progress right now.
I don't think the blue wave W bottom is likely because the MACD is so well entrapped within the contracting lines and so does not have the mobility to enable a 50% drop in price. The above ABCDE chart also fits well into the white W bottom pathway. More details in the video.
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