It appears that Bitcoin has completed five waves and has now started a correction. Not a trading suggestion - just for my future reference.
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Going down as predicted!
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ABC correction started on May 6 as shown in the main chart but was unable to retrace Bitcoin back to the expected 0.618 level of 7833. Therefore, I predicted on May 15 that Bitcoin could retrace further in an WXY pattern:
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Now Bitcoin is moving down in the leg Y of the WXY pattern as predicted. It has completed the A wave and is now going up in the B wave as expected but one more leg down is yet to be completed. Here is an updated chart.
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Note that the completion of the Y wave as shown in this chart would retrace Bitcoin by 62% from the high of around 10000. However, Wave Y will only be 78% of wave W at this level. If wave Y wants to achieve equality with wave W then it could go down further to 78% entrancement level shown on the chart though it is less likely.
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Bitcoin is expected to go up to 14000 by July after the completion of Wave Y. Here is a big picture idea of Bitcoin movements until December this year.
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