SUMMARY
Bitcoin (BTC) overnight price declined to a lower low as shown in the below chart. IF this count is correct, then white wave 3 is still in progress. Therefore, completion of the five subwaves of C of E could likely bring prices down to the $7,200 or so zone. However, there is another pattern that has emerged and will be discussed using the next chart.
As labeled, the two blue parallel lines are showing the pattern of a bull flag because it's downward pointing. Within this is a potential downward pointing, bullish, wedge pattern (purple). The abcde (purple) show that only e wave remains to complete the wedge pattern and price can certainly breakout from this level. Wave e should be at around $7,875 or so. IF this wedge pattern represents the terminal end of this minor correction, then the whole correction can be labeled as an ABC (purple). I would give a 60% preference for the wedge breakout and a 40% chance for the price to actually decline to $7,200. Video has more details.
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