Bitcoin has been trading south for the last two months, but the price action is slow and wave structure looks corrective. So, it can be just making a pullback within uptrend with nice technical support around 25k area.

Bitcoin is actually already stabilizing on the intraday basis and it bounced sharply after a completed five-wave cycle into wave C of Y of a complex W-X-Y correction from April highs. So, support can be in place, at least temporary one and we are now tracking a minimum three-wave A/1-B/2-C/3 recovery, at least towards 27500 – 28000 area for wave C or maybe even higher for wave 3, but after current wave B/2 pullback that can retest 26500 – 25800 support area.

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