BTCUSD has been trading inside an ascending parallel channel and has completed wave 3 of an impulse Elliott Wave after a sharp drop from the Fibonacci level of 1.618 ($57870.92) and retraced almost back to a retracement level of 1 ($41950) to create wave 4.
Bitcoin is now on its way to complete the final impulse wave of 5 with a Fibonacci level of 2 ($67712) which will then go into its corrective phase of ABC. Corrective wave A will complete between impulse wave 3 and 4. Corrective Wave B will go higher than impulse wave 3 and could potentially retest the bottom of the ascending parallel channel. The final corrective wave C should be above impulse wave 1 and below impulse wave 4 which is around the Fibonacci level of 1 ($41950), however, there is potential it could go lower than impulse wave 1.
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