BTC: The Calm Before a Violent MoveBitcoin / U.S. dollarBITSTAMP:BTCUSDTheOnePctAs mentioned in my last update, BTC continues to show weakness in its overall structure. The B-wave decline occurred as anticipated, and the manner in which the decline developed indicates the market is lacking any real strength. It appears BTC is currently moving in C-wave within the context of a small time-consuming flat correction. Within the C-wave, the market has likely completed the 3rd wave and is currently constructing wave 4. When wave 4 is completed, I believe wave 5 is intended to travel to the 66K neighborhood. The specific target is dependent on the termination point of wave 4, and until that time, consider it a flexible zone. This C-wave until now appears to be a terminal structure, ,so its expected to be followed by a sharp reversal. I anticipate that once this structure is in place, the market will be motivated to violent sell to the 51K area.