Bitcoin (BTCUSD). Correction became complex. Double three (WXY).
Main coin is still in a correction. It became more complex to shape double three w-x-y model.
Parallel channel's upside shows the area where wave Y is equal to wave W.
It will be the minimum target around $18k. It perfectly coincides with the 78.6% Fibonacci retracement level.
Correction also could make the full retracement to the previous major top around $20k.
I highlighted the target area of possible wave Y development with orange rectangle.
After that we could see another drop within a second leg of correction in bitcoin.
The target for that move down should be recalculated once the wave Y is done.
Parallel channel's upside shows the area where wave Y is equal to wave W.
It will be the minimum target around $18k. It perfectly coincides with the 78.6% Fibonacci retracement level.
Correction also could make the full retracement to the previous major top around $20k.
I highlighted the target area of possible wave Y development with orange rectangle.
After that we could see another drop within a second leg of correction in bitcoin.
The target for that move down should be recalculated once the wave Y is done.
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Update
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Similarity in consolidation phase
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Another possible option
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Trend channel's downside confirms the minimum target
Trade closed: target reached
