aibek

Bitcoin (BTCUSD). Correction became complex. Double three (WXY).

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Main coin is still in a correction. It became more complex to shape double three w-x-y model.
Parallel channel's upside shows the area where wave Y is equal to wave W.
It will be the minimum target around $18k. It perfectly coincides with the 78.6% Fibonacci retracement level.
Correction also could make the full retracement to the previous major top around $20k.
I highlighted the target area of possible wave Y development with orange rectangle .
After that we could see another drop within a second leg of correction in bitcoin .
The target for that move down should be recalculated once the wave Y is done.
Comment: Update
Comment: Similarity in consolidation phase
Comment:
Comment: Another possible option
Comment: Trend channel's downside confirms the minimum target
Trade closed: target reached
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.