As you all know Bitcoin has been acting "crazy" these last 2 months. Fear, uncertainty and doubt has been overflowing on every medium.
As you can see on the image above I counted the subwaves to make sure the major waves are correct. We are now in a correction wave (wave 4), when this correction wave is over we will confirm a head and shoulders pattern that makes Bitcoin very bullish.
The other scenario is a bit scary but we can't ignore it.
If the 4th wave closes under the 1th wave the elliot wave count is not valid anymore. And then we can make a lower low as seen on the image below.
I don't think this situation is likely because of the volume bitcoin has.