Bitcoin rally that started on Dec 18th, 2019 low to as high as $10505 seems to be unfolded as a leading diagonal structure. The advance broke a key corrective channel and some weekly resistance levels.
The current plunge from Feb 13 high which is currently visible as zigzag is too shallow to correct the entire rally, hence a deeper correction is plausible.
I'm anticipating the correction to continue and unfold as a double zigzag and retest a key weekly support level around $8250.
Buying at the current market price for investment purposes is not ideal. Wait for a deeper correction.
A break below the blue line around $9560 level will confirm a swing short trade opportunity for traders.
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