Bitcoin Chart Analysis for Today
Today, I analyzed the chart with the expectation that the WXY (zigzag - x - ABCDE) wave from the previous chart might play out.
Overall, I expect Bitcoin to rise to $61,000 before a correction occurs, as outlined in the scenario. Afterward, I speculate that altcoins might start to move.
There are currently two scenarios:
1. Following the yellow line, the five impulsive waves could form. Since the third wave became an extended wave, the fifth wave might be shorter, but it could still rise to the orange zone as the third wave could reach the Fibonacci 0.786 level.
2. Following the green line, the WXY (ABC (3-3-5) - ABC (3-3-5) - ABC (5-3-5)) scenario is also possible. Similarly, if this plays out, we could also see a rise to the orange zone.
Key Points:
1) If the price drops below $55,600 today or by the weekend, both scenarios become invalid.
2) We need to monitor altcoin movement, as potential pumps could occur.
3) If Bitcoin breaks below $55,600, the $54,500 level could be a good spot for long positions.
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