Bitcoin's currently trading around 89,756.6, having broken below the 90,000 support level highlighted yesterday. This shift suggests the previous zigzag false breakout expectation in the fourth wave is off the table, and the structure's reverting to a more straightforward pattern.
Since dropping from 126,272, the overall structure remains a five-wave decline to finish wave c. Bitcoin's now in the fourth-wave rebound of this sequence. After the fourth wave wraps up, the main decline of the fifth wave will follow – its direction unchanged.
Waiting for a new lower low to confirm the fourth wave's end, then looking to short the fifth wave when it rebounds toward 92,000. The fifth-wave target is to break the previous low of 80,000.
In summary, the fourth wave may be finishing. If a smaller-scale lower low forms, shorting the fifth wave around 91,000 on a rebound could be an option.
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$BTC Bitcoin Market Update:
Bitcoin's currently trading around 89,756.6, having broken below the 90,000 support level highlighted yesterday. This shift suggests the previous zigzag false breakout expectation in the fourth wave is off the table, and the structure's reverting to a more straightforward pattern.
Since dropping from 126,272, the overall structure remains a five-wave decline to finish wave c. Bitcoin's now in the fourth-wave rebound of this sequence. After the fourth wave wraps up, the main decline of the fifth wave will follow – its direction unchanged.
Waiting for a new lower low to confirm the fourth wave's end, then looking to short the fifth wave when it rebounds toward 92,000. The fifth-wave target is to break the previous low of 80,000.
In summary, the fourth wave may be finishing. If a smaller-scale lower low forms, shorting the fifth wave around 91,000 on a rebound could be an option.
#BTC #Rmj-Trades