A reversal for the wave (2) correction could happen inside the indicated area in a bullish case. The trend-line and fib levels are labeled on the chart.
The possible bearish scenario would be if BTC retraces 100% of wave (1), going below the 7240 level. Even more bearish if BTC falls below the wave ((1)) low.
Keep in mind that any other scenario not mentioned could also take place.
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A 1.618 extension has been reached!
In case wave (2) has been completed and moved on to wave (3), here are some areas of resistance for the possible impulse wave.
If BTC goes below the 7720 levels, then consider that wave (2) has not fully completed yet or that there is an impulse wave failure.
The bearish scenario remains if BTC goes below the 7240 levels, which was the wave ((2)) low.