🛑🛑Bitcoin Detailed Update with Elliot Waves Analysis.
Price Action:
Bitcoin Is hovering Above the 90k zone and showing weakness since last week high. After Friday we only goes lower.
A drop below the $93k level will strengthen the case for a Wave 2 retracement back down into the 80s.
Wave 1 completed.
The move up from $74k to $98k looks complete. Whether one looks at the structure as corrective which indicate that the top is likely in, which means that some sort of correction is likely to follow.
How much correction ?
What we do not know is the depth of the correction.
According to FVG on Daily
We have 2 FVGs on Daily
One is 88000 and other is 85000. I still think these areas will be swept before an upward move with possibility of Capitulation below 85k zone.
Wave 2:
The most common retracement zones for a Wave 2 would take price to somewhere between $79k and $86k. However, in a bullish market is could find support at $88k and bounce from there. We will have to watch market structure as it plays out.
Wave 3:
After the Wave 2 retracement is complete, I would expect a strong Wave 3 to follow, creating new highs for Bitcoin.
Remember that Wave 3 is Always the powerful, aggressive and Always end at Euphoria phase.
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