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We have been talking about Bitcoin last week, where we mentioned and highlighted a larger weekly and monthly summer consolidation before a bullish resumption, but today we want to show you how correction may unfold in a lower degree scale.

BTCUSD remains in higher degree uptrend as prices broke to new ATH back in March before making some new pullback that is now still in progress. It appears that this can be wave four, possibly deeper a-b-c or even a triangle if 66237 is overlapped.
For now, we are still tracking a motive wave (C) meaning it can drop even down to 55k, because a decline from 72000 is very strong and can certainly be even a five-wave impulse, so after current wave 4 pullback, there's a chance for another decline for wave 5 of (C).

However, this whole price action since March can be also a bullish triangle pattern according to secondary count, so we might see an early recovery within wave (D), but later we should be aware of another slow down for wave (E) before we may see a new continuation higher into wave 5th wave.

The reason why Bitcoin may see an early recovery and sideways triangle consolidation is USDollar Index - DXY chart, which is right now trying to turn down from resistance that can be supportive for Bitcoin.

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