Bitcoin: Bigger Correction in Development

Here is my viewpoint on BTCUSD. I believe we have a bigger correction in development.

Post correction, I expect there to be another bullish wave.

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If you are in the short trade, moving your stop loss to break even or taking some profit at this point might not be a bad idea. Below is another possibility for the structure to develop.

I am still expecting the big move to the downside. What we need to look for is whether this wave to the downside continues or we get one additional wave to the upside before the bigger wave to the downside.