SUMMARY
Bitcoin (BTC) overnight price action is likey panicking a good number...the fear of a lower low is just too much for many. This is when awareness, keeps the panic away. Technical Analysis is nothing more than identifying as many possibilities, narrowing them down to a handful of probabilitie and selecting the primary and alternate price pathways. This process allows one to become aware of most probable future price pathways and even if the primary count is not executed, the resulting change almost always fits your alternate or near alternate. This reduces the "shock" effect as you were aware of that scenario and more importantly, ready to update your analysis accordingly, calmly...without greed or fear as dominant emotions.
The below chart shows that the overnight price action could be working on a wave 2 of the impulse wave up. If this is the case, its supported by the red a,b,c waves, an attribute of corrective sequence. The retrace of wave 1 by wave 2 is a bit steep but does not breaky any Elliott Wave rules. Let's see how the day time price action takes places.
Should there be a one more lower low, then the original count will be back on the table. This means that the waves will look again like below as had been shown for a couple days earlier. This will bring back the $10k or a little below target for red Wave C. Panic? Hello NO! Be glad! I'll be casting another buy ladder in this scenario.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**