BTC/USD complex correction to focus on the channel base of 26,070
Since posting a Doji-style candle on Friday the 14th of April, we have seen mixed trading in the major cryptocurrency. This has resulted in a bearish corrective channel formation being posted on the intraday chart.
Breaking down the price action within this channel formation and we look to be in a complex correction. The first wave lower can be seen in five waves followed by a corrective three-wave pattern higher. The next wave should repeat the five-wave sequence.
We have a 261.8% extension level located at 25,925. The projected channel base is located at 26,070.
It should be noted the long-term bias remains bullish.