Bitcoin (BTCUSD) decline from 4.14.2023 high shows a 5 swing sequence suggesting further downside can’t be ruled out. A 5 swing sequence typically is an incomplete sequence and can see more downside to end 7 swing as a double three (double zigzag) Elliott Wave structure. Down from 4.14.2023 high, wave (a) ended at 26981 and rally in wave (b) ended at 29851. Wave (c) lower ended at 25800 which completed wave ((w)) in higher degree. Up from there, wave (a) ended at 27666, pullback in wave (b) ended at 25878. Wave (c) higher ended at 28453 which completed wave ((x)).
Bitcoin has turned lower in wave ((y)) with internal subdivision as another zigzag in lesser degree. Down from wave ((x)), wave i ended at 26519 and wave ii ended at 27451. Wave iii ended at 25389, wave iv ended at 25863, and wave v lower ended at 25350 which completed wave (a) of ((y)) in higher degree. Rally in wave (b) is expected to fail below 28453 in the first degree for further downside in wave (c). Ideal target lower is 100% – 161.8% Fibonacci extension from 4.14.2023 high which comes at 20020 – 23244. Near term, as far as pivot at 28453 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.
