Bitcoin remains in a larger degree WXY zig zag correction; since the $43000 X wave top on the 21st of April price has trended down in a WXY wave count of a lesser degree fulfilling the Y wave of a larger degree. Bitcoin is now heading into the latter terminal stages of the larger WXY correction, price currently since in consolidation following dropping key support levels over the past week and sitting below the key support orderblock of $37000-$37600. Price has formed a consolidative pennant labelled B wave before we can get a C wave down to complete the Y wave zig-zag .

Some likely targets for the C wave bottom are places of strong confluence and support of which we can expect the ~0.618 extension and converging ~1.236 fib extension at ~$33517 to act accordingly. Additionally, ~$32800 also has strong convergence of the ~1.382 extension and the ~0.786 extension; if price is to push even lower the 1:1 fib extension sits at $31900.

These are good take profit areas or partial buy order areas, upon completion of the larger WXY degree we can expect price to trend up towards the 40k + levels.

Please like and follow for more Advanced Elliot Wave Analysis!