Having recently studied the Elliott Wave formations it seems like BTC is forming the corrective part of the wave.
I'm relatively new to Elliott Waves, and from my own TA I was not expecting this scenario to play out. It will be interesting to see what happens over the next couple of weeks if the formation plays out or not.
If any experts in the house I'd be curious to hear your thoughts.
Note
So it played out exactly as elliott wave predicted
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