SUMMARY
Bitcoin (BTC) overnight action has worked diligently to pattern out the ABC (red) corrective waves as shown in the below chart. The question is as to whether this is the end of the correction. It's possible. However, possible is not the same as probable. IF the full wave 5 (circled white) impulse is complete, having a correction only to the 0.5 Fib level is a bit short. I believe there will be a good bounce and that'll probably be blue wave B. Then a decline towards the 0.618 Fib level for blue wave C. So, the red ABC so far has generated a ZigZag; but the bule ABC will also be a Flat (3,3,5). Now, the circled white impulse waves are actually themselves subwaves to a higher degree of trend wave 1 (blue). The blue ABC are then likely to be subwaves to the higher degree of trend wave 2...what comes after 2? Wave 3 which should move in a very violent manner.
The longer term shows that the above short term jives. However, the overall bullish Cup & Handle pattern is still intact. The handle formation is still in progress and it's likley to be mature at the 0.618 level. Could it be already done at the red A level? Yes and it would be very pleasant to see prices skyrocket from here; but for Cryptos, corrections are almost never quick.
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