BTCUSD might channel up and down a couple more times, didn't look like a large enough a correction as an ABC after the strong wave 1 impulse from 7.8k.
A more prolonged flat channel might be the answer.
If it plays out, larger wave 3 should be in play next taking us higher.
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Invalidated.
Looks like it was a smaller ABCDE triangle correction that finished at $10,400
Next impulse was already underway when I posted original idea