Market Update - Bitcoin
Good evening! It's been a while since my last analysis here, so let's get straight to the point:
Bitcoin has had an impressive rise, going from 72 thousand to 112 thousand, an appreciation of approximately 55%. However, at this moment, the upward movement is starting to lose strength.
If we observe the chart, we notice that after each peak of rise, Bitcoin entered a period of lateralization. And each time this occurred, the momentum of the next rise was less than the previous one, which may signal a weakening of the movement.
The red parallel channel drawn on the chart represents the weekly resistance zone — a region where the price has been struggling to advance with strength.
I also highlighted the EMA 10 (light blue line) and the EMA 55 (wine line). As long as the price remains above the EMA 10, there is no confirmation of a drop. However, in my reading, everything indicates that a correction may happen.
I believe this movement may be forming an Elliott wave structure, and to initiate the second wave of rise, it would be natural for the price to retest the EMA 55, which is currently between 98 thousand and 100 thousand.
I am not a fortune teller, I don’t know exactly when this correction may occur — but the signs are here. Bitcoin's momentum has clearly decreased, and the indicators (which I will not go into detail here) are also not so optimistic at this moment.
This is just my personal market view — I am not here to predict the future, just to share insights.
I wish everyone an excellent week and until the next analysis!
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