๐ Bitcoin Technical Analysis Update (Weekly) ๐
๐ Monthly Chart Insights:
- ๐ A neutral triangle began at this year's high.
- ๐ June's big sell-off makes this scenario very likely.
- ๐ต Monthly structure is forced onto this weekly chart, with a blue-dashed projection line.
๐ Key Observations:
- ๐ต๏ธโโ๏ธ Applying the concept of "middle marking" and noting the lethargic behavior of wave-a.
- ๐บ It appears a neutral triangle has been forming since this year's high.
๐ Predictions for the Coming Weeks:
- โณ Bitcoin is expected to continue lower over the next 1-2-3 weeks.
- ๐ Eventually, it may break below $50,000.
- ๐ Due to wave-b retracing much of wave-a, wave-d should alternate by retracing less than 61.8% of C.
- ๐ฝ Then, wave-E will approach $40,000.
Stay informed and trade wisely! ๐๐ก
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