Elliott Wave BTC/USD

Currently, we are trying to complete the impulsive wave 5 which will complete the overall corrective cycle of leg C. Based on fibs, we can either pullback to the 100% or further extension to the 161.8% retrace. Bitcoin has failed to break above the major bearish trend line and is continuing the slow and steady sell-off in this final impulse wave. Personally, I don't believe we can get down to the $2500 levels as the 161.8% retrace suggests, but considering we're in a heavy bear trend we should be trading with absolute caution because a correction of this magnitude is very possible.