"Bitcoin’s Wave C Decline: Why I Exited My Position Early and What to Expect Next"

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Bitcoin's recent price action followed my pre-FOMC meeting predictions, but I made the decision to close my long position around $60,300. Although I initially anticipated a bullish breakout above $61,300, Bitcoin struggled to surpass this level, indicating weakness and resulting in a price rejection.

Currently, Bitcoin appears to be in a Wave C decline, with Wave A’s low at $57,500 and Wave B’s high at $61,300.

The anticipated target for the Wave C low is between $56,500 and $55,900. Given this pattern, it seems wise to stay out of the market for now.

Advice :

1. **Monitor Key Levels:** Keep a close eye on Bitcoin’s price movements around the $56,500 to $55,900 range. This will help you gauge whether Bitcoin is nearing a potential reversal or further decline.

2. **Wait for Confirmation:** Wait for a decisive breakout above $61,300 before considering re-entering the market. Such a move would invalidate the current bearish analysis and could signal a new bullish trend.

3. **Stay Cautious:** With the current Wave C decline in play, maintaining caution is advisable. Avoid making aggressive trades until clearer bullish signals emerge.

**Conclusion:**

In summary, Bitcoin's price action suggests a further decline towards the $56,500 to $55,900 range as part of the Wave C pattern. Staying out of the market until a significant breakout occurs is a prudent strategy. Keep monitoring key resistance levels and be prepared to adjust your strategy based on new market developments.