Bitcoin can come lower to complete complex WXY towards $39500

6 gen 2022

There is great reason for Bitcoin to continue lower as the asset shows some weakness; however, we near a completion of the complex WXY wave count as Bitcoin sells off into an oversold sentiment. With price action adhering to the Original pitchfork beginning at the WXY genesis which not many have accounted as the genesis of the next wave. As we came up to Genesis point outlined on the chart, the previous wave was completed in a clear 3 wave X wave which gives clarification as the the overall count and also current price action hence why the pitchfork and Fibonacci extensions are quite predictable. With the Original Pitchfork lower median line at 39500 as well as the 0.5 fib. extension of the green submicro W wave, this gives a likely destination for strong demand and buyers and a possible Y wave completion point.

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