Bitcoin Elliot Wave Update

We continue to progress in the impulsive price action to the downside which in the larger degree wave cycle is playing out the WXY to the downside from the ATH level. We can clearly see from X wave top at ~$48,000 that we began an impulsive structure to the downside which has evolved to many wave cycles of varying degrees as shown on chart; we are now heading into the latter stages of this 5 wave impulse to the downside, of which we currently lie in the MINOR Wave 5 Cycle. The Wave 5 Cycle appear to have more downside to go with further sub waves developing; we appear to be in the 3rd wave of the Minor Wave 5 cycle which has not yet completed with further sub waves developing with an appearance of another leg down towards ~$37600 price level which is strong support in confluence with the outer warning line of the pitchfork.

With a strong area of support from ~$37200 - ~$37600 it is a likely 3rd wave destination of the Minor Wave Cycle 5, there is possibility of a move slightly below the orderblock for the 5th wave of this final wave; where often a failure/fake out wave can occur where exhaustion of sellers means price quickly rebounds above orderblock and closes strong; where we can assume some upside relief will occur although in corrective fashion. This could be interpreted as a form of stop hunting which often occurs in this space before a trend change.

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