I appreciate the attention and inquiries I have received from dear friends during these bullish days of Bitcoin. I felt it necessary to express my gratitude for the kind consideration.
Firstly, I observed a complete correction with five waves (A), ranging from $68,000 to $15,000. The trendline, crucial for the long term, lost during this period, was perfectly regained. The 50% Fibonacci retracement also precisely aligned with feedback to the broken trendline. The nature of the decline was zigzag, making the 50% Fibonacci at $32,600 the endpoint (B), as indicated in previous analyses.
Now, considering the range around $44,000 with slight fluctuations, and the 0.78 Fibonacci retracement from the total decline being close, it is evident that we are still within the feedback range to the broken trendline.
I am still anticipating a correction between $12,000 and $8,000, which will be discussed more precisely later.
A positive aspect here is that this correction can be considered a consolidation phase, and the next bullish wave is expected to be very strong.
Note: If Bitcoin stabilizes above the trendline in the monthly timeframe and continues its upward path, there is a high likelihood that my count in this analysis could be incorrect and needs reassessment.
what do you think?
Firstly, I observed a complete correction with five waves (A), ranging from $68,000 to $15,000. The trendline, crucial for the long term, lost during this period, was perfectly regained. The 50% Fibonacci retracement also precisely aligned with feedback to the broken trendline. The nature of the decline was zigzag, making the 50% Fibonacci at $32,600 the endpoint (B), as indicated in previous analyses.
Now, considering the range around $44,000 with slight fluctuations, and the 0.78 Fibonacci retracement from the total decline being close, it is evident that we are still within the feedback range to the broken trendline.
I am still anticipating a correction between $12,000 and $8,000, which will be discussed more precisely later.
A positive aspect here is that this correction can be considered a consolidation phase, and the next bullish wave is expected to be very strong.
Note: If Bitcoin stabilizes above the trendline in the monthly timeframe and continues its upward path, there is a high likelihood that my count in this analysis could be incorrect and needs reassessment.
what do you think?