Elliott Wave View Suggests Bitcoin Selloff Not Over

Short Term Elliott Wave view suggests that the selloff in Bitcoin is not yet over. Rally to $4409.77 ended blue wave (X). Down from there, the decline is unfolding as a double three Elliott Wave structure where red wave W ended at $3210. Internal of red wave X unfolded also as a double three Elliott Wave structure, but of a lesser black degree. Black wave ((w)) of W ended at $3861 as a zigzag Elliott Wave structure. Black wave ((x)) of W ended at $4265, and black wave ((y)) of W ended at $3210 also as a zigzag Elliott Wave structure.

Red wave X bounce is currently in progress to correct cycle from Nov 29 high in 3, 7, or 11 swing before the decline resumes. Black wave ((w)) of X ended at $3633.2, black wave ((x)) of X ended at $3292.2, and black wave ((y)) of X is looking for $3715.4 - $3976.94 before the decline resumes. We expect sellers to appear from this area for further downside or at least 3 waves pullback as far as pivot at Nov 29 high ($4409.77) remains intact.