$BTC 11.6 Bitcoin Market Analysis
The possibility of a short C wave for Bitcoin has significantly decreased, and it is expected to follow a normal downward structure, likely breaking below 60,000.
Since the drop from the 73,660 position, the first wave of a five-wave decline has been established, forming a guiding wedge structure. Now we are in the second wave of a rebound, which typically does not exceed 80% of the decline.
If this rebound forms an ABC structure, the A wave has reached around 70,500, and it is expected to hit another high point after a pullback, possibly around 71,000-72,000.
Once the C wave rebound is complete, it will be an opportunity to short, but the exact position will need to be assessed as we go.
Short positions are set in the 71-72 range.