After yesterday’s bearish closure, today BTC added insult to injury. It closed with a very solid bearish continuation candle that closed below the daily 8 EMA and the daily 20 EMA lines.

If my wave counts are accurate, I would say that the coin is in wave iii down.

I charted two possible channels (green and red) for BTC to follow and we will see very soon which one will be taken.

For now, it looks like this week is going to tell us the trend direction and I am really looking forward to seeing the closing candles for the week and month.

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