Timeframe: Daily
After reaching an all-time high (ATH) of 108,353, BTC/USD appears poised for a retracement. Following the ATH, the price experienced a decline of 15.8%. This marks the completion of wave 3 at the ATH, with the price now moving towards wave (4). The projected end of wave (4) is near the 0.382 Fibonacci retracement level, around 87,074. Notably, wave B of wave (4) retraced 61.8% of wave A. A breakdown of wave A would signal that the price is entering a corrective phase.
A bullish scenario could emerge after the completion of wave C within wave (4), setting the stage for the start of sub-waves within wave (5). Traders should note that buyer pressure remains subdued unless a breakout of the channel occurs. It’s important to remember that only impulsive waves have the potential to break the channel and signal a significant move.
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Thank you for your insight. Please keep us posted.
You can see from this the cycle top will be a lot lower. Circa 120k area.
Nice work! Thank you for sharing
Bear trap at its finest 👍💰
BTC will be 200$ soon.
thats interesting…