🚨ALERT NEWS: URGENT UPDATE ABOUT BITCOIN🚨
🚨Bitcoin decline imminent🚨$BTC: USDT date + time analysis 😳😳😳😳
BTCUSDT
Perp
64,280.7
-0.83%
Bitcoin decline is imminent. This decline was not caused by Mt. Gox but a natural correction because the market is overbought on the daily chart.
Daily chart analysis:
Bitcoin is facing moderate resistance, in line with the 0.618 Fibonacci level. This situation often leads to a “dead cat bounce,” where the price temporarily rises to the 0.618 level before falling back down. To avoid this pattern, Bitcoin must establish $72,000 as strong support. Additionally, Bitcoin has not retested the 20 EMA since crossing it in early June, suggesting a retest is likely.
4-hour chart details:
Bitcoin has completed a five-wave pattern on the 4-hour chart and is now entering an ABC correction. Wave C is expected to bottom between the 0.618 and 0.5 Fibonacci levels, in line with the predicted retest of the 20 EMA on the daily chart. The expected ABC correction pattern is marked in yellow on the chart.
Bearish Outlook:
If Bitcoin breaks below the July 8 low, the technical target is the 1.272 Fibonacci level at $51,450. A deeper pullback could take Bitcoin to the 1.618 Fibonacci level at $48,054.
Thanks for reading. Stay tuned and stay informed. If you are interested in mastering technical analysis, please DM or comment and I will be in touch.
Stay safe and informed.
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