Bitcoin appears to have officially commenced its retracement.
The yellow-box support zone around 96k-92k may serve as a key level to watch, though a dip as low as 90k wouldn’t be out of the question.
As shown by the provisional Elliott Wave count labeled corrective wave ABC, I interpret this as a short- to mid-term correction. While Wave C can take various forms, this scenario anticipates a typical diagonal triangle structure.
The yellow-box support zone around 96k-92k may serve as a key level to watch, though a dip as low as 90k wouldn’t be out of the question.
As shown by the provisional Elliott Wave count labeled corrective wave ABC, I interpret this as a short- to mid-term correction. While Wave C can take various forms, this scenario anticipates a typical diagonal triangle structure.
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