Re: This is most likely the reason why Bitcoin has been less volatile lately
Hmmm, that looks a whole lot like the triangle chart I've been posting for the past 4 months! 
It's still a valid count, but also still speculative since the termination of D and formation of E are not confirmed yet. It will be invalidated if either the B or C pivots are breached before the E wave is completed.
If the market forms a swing low in the 50-70% Fib retracement range (~ $5,700-$7,200) then we'll have a textbook triangle on our hands, with a bullish bias.
It means we will slowly correct to 6k area. I am still holding my short position. I can't be sure this is a ABCDE pattern
It's still a valid count, but also still speculative since the termination of D and formation of E are not confirmed yet. It will be invalidated if either the B or C pivots are breached before the E wave is completed.
If the market forms a swing low in the 50-70% Fib retracement range (~ $5,700-$7,200) then we'll have a textbook triangle on our hands, with a bullish bias.