BTC took out its previous low, indicating wave C remains incomplete. We'll now see if the 0.786% projection for waves w and y at 8k can contain the decline.
Whether wave B has unfolded as a triangle, or an ending diagonal is underway for wave C, our immediate focus remains on lower; at least while the upper boundary of the impulse channel acts as resistance. The decline is likely to continue toward the lower target area which is highlighted on the 240-minute chart.
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