Bitcoin has not only broken support but seen acceleration far beyond our 1-2 setup, and is now in the heart of a 3rd wave down.
These sorts of counts see much internal adjustment but until some form of resistance is broken I have $8000 as a target. This is the 100% of A=C on the chart. A possible extension to $6850 is not out of the question. I am treating this area as a 'magnet' based on larger degree projections along with confluence with key fibs off the December low.
To be crystal clear about tactics, this is what I've been waiting for. Once we cross $8400 I'm going to start to scale in larger, and once I see an impulse I'm going to re-leverage long. I don't know for sure whether Bitcoin will see such a shallow bottom in wave 2, but I do see this leg down as an opportunity. I will take it. Further, most of our leading alt coins are seeing very deep corrections. That says to me the complex can finish a correction soon.
Ether has also accelerated its counts today, and basically following the expected impulse down. $145 still looks good for a resting spot.
GBTC is following an accelerated path. This was our leader down having broken support for some time. Now it is about to take out the July 29th low. I will start to scale into GBTC in the $9's unless an impulse shows sooner.
Note that in all of these counts I will need to watch for a WXY structure. So common. However, it is not clear from here how that will show. This is the most likely 'morph' to expect in these structures and often they shorten targets.
ETHBTC appears to have topped in wave 5 and is now on its way to .015
All in all we just needed Bitcoin to fall into place as it has resisted downside more than any chart in the sector. But it has now fallen in line, and I am looking lower for opportunity.