$BTC We should now be looking for lower levels in the coming weeks/months. #Bitcoin breaking the previous low COMPLETELY changes the outlook now when it comes to the primary counts. Bulls had every chance to keep it alive after completing 3 of the 5 necessary components of the triangle in a WXY sideways combo that we originally assumed as it continued to distribute in 3-wave moves. Scenarios: 1️⃣ Flat (currently in wave C) Don't like this, but it's the last distribution pattern if we use the macro 5-wave move into an intermediate degree wave (1). The entire range would then be classified as a sideways structure that we originally anticipated, but C wave now breaking market structure hitting the $60K regions. 2️⃣ Macro Ending Diagonal Working as a WXY to the downside using the ATH as the cut point to help give the current price action the necessary wave separation. Target is also in line with the $60K regions as the flat idea. In easy terms, both are giving pretty much the same medium timeframe targets. Now, in terms of organizing the next wave structure and prepared alternatives, we resort to a shorter timeframe bearish bias, and macro top to be made before a possible massive blowoff top to occur near the end of the decade. It's best to now assume the move from ATH is separated price action to help give the move down its necessary wave structure more room from a Fib Extension point of view to understand minimum and maximum target zones.
