Bitcoin Bearish Elliott Wave Sequence
Bitcoin is now showing a 5 swing incomplete sequence to the downside from 02/20/18 peak (11751.36), targeting lower levels.
Bitcoin ended the cycle from 02/20/18 peak (11751.36) at the low of 04/01/18 (6419.51) in black wave ((W)). Up from there, it ended the correction to that cycle at the peak of 05/05/18 (9956.99) in black wave ((X)). Below from there, it ended the cycle from 05/05/18 peak (9956.99) as a Zigzag structure at 06/29/18 low (7018.16) in blue wave (W). Up from there, it ended blue wave (X) correction at 06/03/18 (7794.69).
Below from there, it ended internal black wave ((i)) at 06/05/18 low (7350.11), black wave ((ii)) at 06/07/18 peak (7747.27) and black wave ((iii)) at 06/10/18 low (6609.15). Up from there, it ended black wave ((iv)) at 06/11/18 peak (6917.39) followed by another extension lower in black wave ((v)) to complete soon a 5 waves impulsive structure in red wave A.
Once cycle from 06/03/18 peak ends in red A, it should correct that cycle in 3-7-11 in red wave B before another extension lower will take place.
Bitcoin ended the cycle from 02/20/18 peak (11751.36) at the low of 04/01/18 (6419.51) in black wave ((W)). Up from there, it ended the correction to that cycle at the peak of 05/05/18 (9956.99) in black wave ((X)). Below from there, it ended the cycle from 05/05/18 peak (9956.99) as a Zigzag structure at 06/29/18 low (7018.16) in blue wave (W). Up from there, it ended blue wave (X) correction at 06/03/18 (7794.69).
Below from there, it ended internal black wave ((i)) at 06/05/18 low (7350.11), black wave ((ii)) at 06/07/18 peak (7747.27) and black wave ((iii)) at 06/10/18 low (6609.15). Up from there, it ended black wave ((iv)) at 06/11/18 peak (6917.39) followed by another extension lower in black wave ((v)) to complete soon a 5 waves impulsive structure in red wave A.
Once cycle from 06/03/18 peak ends in red A, it should correct that cycle in 3-7-11 in red wave B before another extension lower will take place.
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Bitcoin ended the cycle from 05/05/18 peak (9956.99) as a Zigzag structure at 06/29/18 low (7018.16) in blue wave (W). Up from there, it ended blue wave (X) correction at 06/03/18 (7794.69).
Below from there, it ended internal black wave ((i)) at 06/05/18 low (7350.11), black wave ((ii)) at 06/07/18 peak (7747.27) and black wave ((iii)) at 06/10/18 low (6609.15). Up from there, it ended black wave ((iv)) at 06/11/18 peak (6917.39) followed by another extension lower in black wave ((v)) which completed now the 5 waves impulsive structure from 06/03/18 in red wave A at 06/13/18 low (6121.77).
Up from there, it is currently correcting cycle from 06/03/18 peak in 3, 7 or 11 swings in red wave B. As wave B bounce fails below (X) peak at 7794.69, we expect Bitcoin to turn lower again.