This analysis suggests that Bitcoin completed a major cycle in November 2022 and subsequently began an upward trend, characterized by an extended Wave (3) of the Intermediate degree, following Elliott Wave Theory principles. A recent breakdown below the Minor Wave 4 indicates a potential retracement. The analysis identifies a key retracement zone at approximately 61.8% of the previous upward move, potentially representing the Wave ((2)) of the Primary degree. This level is crucial for observing potential support and a trend reversal.
Disclaimer:
Not Financial Advice: This analysis is for informational and educational purposes only. It should not be construed as financial advice or a recommendation to buy or sell any cryptocurrency.
Market Volatility: The cryptocurrency market is highly volatile and subject to rapid and unpredictable price swings.
Risk of Loss: Trading and investing in cryptocurrencies involve substantial risk of loss. You could lose some or all of your invested capital.
Independent Research: You should conduct your own thorough research and consult with a qualified financial advisor before making any investment decisions.
Disclaimer:
Not Financial Advice: This analysis is for informational and educational purposes only. It should not be construed as financial advice or a recommendation to buy or sell any cryptocurrency.
Market Volatility: The cryptocurrency market is highly volatile and subject to rapid and unpredictable price swings.
Risk of Loss: Trading and investing in cryptocurrencies involve substantial risk of loss. You could lose some or all of your invested capital.
Independent Research: You should conduct your own thorough research and consult with a qualified financial advisor before making any investment decisions.
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