The digital gold - BTC weekly update Nov 03 - 09thBitcoin / US DollarBINANCE:BTCUSDPhillipklhBitcoin shows a pretty similar structure to the alts, just in another context. The overall picture is that we are now in a larger corrective movement where we could drop to 40k again. The structure in the lower timeframes, as shown on the chart, show that a short-term rise is possible in the next days and weeks. Over the past week and the drop today we completed the flat pattern of the primary wave B with the completion of the intermediate wave C. For now therefore I expect the Bitcoin to perform a turn and a rise to the fibonacci extension levels shown on the chart. This scenario is supported by the correlation with other coins, the liquidation heatmap showing a bunch of liquidity above the current price and funding rates being lower than normal. RSI shows itself also near the oversold range and MACD turned only slightly negative during this drop. Overall this shows us a good environment to rise to 117k. Alternatively a further drop below the low of the intermediate wave A would be possible, but as fibonacci levels of the elliott wave principle do not support these deep niveaus anymore, I think a turn is probable.