Bitcoin’s fall from 64828 accelerates lower today and breaches 50k handle. As noted in a previous post, a 5-wave terminal triangle has completed at the record high, which should mark a medium term top. We’re seeing the fall from there as correction to whole up trend from up trend from 4000 (Mar 2020).
Further decline is now expected as long as 57093 resistance holds. The correction should extend to 38.2% retracement of 4000 to 64828 at 41591, which is close to the top of prior range of 20283/41964. Some support could be seen there to set the medium term range.
