Bitcoin (BTC) Adjustment Wave Analysis and Future Outlook
Analysis of the retracement of the current adjustment to the rise
If $73,777 is regarded as the top, and the current adjustment is for the rise since $24,901, then this wave of adjustment has completed the retracement of Fibonacci 0.382;
At the weekly level, the RSI indicator is at 48.
If $73,777 is regarded as the top, and the current adjustment is for the rise since $15,476; then the Fibonacci 0.382 of this round of retracement is around $51,500, and 0.5 is around $44,600. From the RSI indicator, the current indicator is already near the starting point.
Possibility of adjustment wave type
The adjustment wave type from $73,777 to the present may be WXY, or an unknown WXYXZ adjustment, and is currently experiencing the third part of this wave of adjustment waves. The specific distribution is as follows:
Part 1: $73,777 → $56,553 Part 2: $56,553 → $71,997 Part 3: $71,993 → current
After the third part is completed, there are two possibilities:
Start a new round of main rising wave and continue to adjust, and go out of the fourth and fifth parts
Rebound pressure level
There are two important pressure levels during the rebound:
Around $60,000: Breaking through this pressure level means that the rebound continues and there is a possibility of reversal. Around $66,500: Breaking through this pressure level means that the probability of directly starting the main rising wave increases.
The specific trend needs to observe the wave type during the rise.
Summary
The current adjustment wave type of Bitcoin may be WXY or a more complex WXYXZ adjustment. During the rebound, it is necessary to pay attention to the breakthrough of the two key pressure levels of $60,000 and $66,500 to determine whether a new round of main rising waves will be started or continue to adjust. Investors need to pay close attention to market dynamics and make reasonable judgments and operations based on technical indicators.
