BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoins finished with a high of $19,187.78 and has been in a downtrend ever since then. The current correction is a W-X-Y structure with price action currently in a descending wedge for the wave Y. It appears that there is one more leg downwards i.e. w5 before any bull move can be sustained.

POI = Point of invalidation. Even though it is a wedge and w4 is allowed to overlap w1, I do not want to see that happening to make this analysis valid.
Wave Y = ~238.2% Wave W is acceptable for a WXY structure. This gives a target area of ~$4808.46. The other likely targets of Bitcoins are also marked on the chart (very close to the $5,000 area). Arrow shown on the chart is not a projection. I used it to show the possible trajectory for the price of Bitcoin .

Waves awaiting completion are also marked on the chart

P.s. I will make sure not to use square brackets again as I have noticed that Tradingview won't accept them and they just don't show up when I use it to label the waves
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