Analysis
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Good luck!
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Good luck!
Note
Currently, Bitcoin appears to be in either a leading diagonal, a sideways 1-2 structure, or a 1-2, 1-2 formation. However, considering the recent higher highs and higher lows, it seems unlikely that Bitcoin will drop below 49k, where I’ve drawn a trendline.There is still uncertainty regarding whether the recent rise is a 1st wave or an a-b-c correction, but applying a 0.618 Fibonacci retracement (marked by the yellow line) suggests the wave structure remains unclear. Nevertheless, there’s a strong possibility of further sideways movement, potentially extending into Q2 next year, aligning with the typical post-halving period where Bitcoin achieves new all-time highs.
The market continues to keep us in a state of uncertainty, but we will remain closely observant.
Note
The upper and lower bounds of the trendline I’ve drawn will act as key support and resistance levels, and a breakout in either direction will have a significant impact on the market.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.