This is weekly chart of Bitcoin. From start of 2019, Bitcoin (BTC) has been in a clear 5 wave impulse which ended in September last year after seeing a peak price of $69K. Since then BTC has been in corrective mode.
Earlier it looked like regular zigzag (ABC) correction and my assumption was that downside will end at C (marked as Y in chart). But it’s turning out to be a complex correction (WXYXZ) and we are either in last stages of X or have already started Z down. Either way, we could see BTC going down in Z wave to around 12K level if Z is equal to W.
