Bitcoin, the world’s number 1 cryptocurrency closed at ~$19,210 on Dec. 16, 2018 and has been in a downtrend ever since. Price close on Dec. 16,2018 has been identified as the termination point of Primary wave ((3)) and the current downtrend or correction is Primary wave ((4)). Based on guidelines, it is quite possible for Primary wave ((4)) of Bitcoin to terminate in the region of the 4th wave of the previous degree i.e. Primary wave ((3)), which this analysis identifies as the region of $4,367
The correction from $19,210 has been identified as a possible wedge (leading diagonal). If this holds true, then the entire correction can be anticipated to be an Elliot wave zigzag (5-3-5) structure. Currently, price action appears to be completing in a Minute ((1)) of Minor wave 5. Completion of Minor wave 5 should see Bitcoin close below at least $6,946.60 (price close on Feb. 5, 2018).
Any bullish momentum from a close of Minor wave 5 should see price possibly terminate in the region of Minor wave 4 which is approximately $11,433.50.