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Remember Our Bullish/Bearish Reversal Bar Indicator?
If you recall, our Skyrexio indicator flashed a warning sign in our previous Bitcoin analysis. Well, it looks like that warning was spot on! We're currently witnessing a correction in Bitcoin, and while there might be a little more room for price to drop, it's not going to be as dramatic as some might think.
Let's Break Down the Chart
Taking a look at the daily BTCUSDT chart, we can see that our indicator printed a red dot at the peak of wave 3. This triggered the start of the current dump, which we're identifying as wave 4.
Where's the Bottom?
Wave 4 typically targets the 0.38 to 0.5 Fibonacci levels. Based on this, the maximum price drop we anticipate before a reversal is around $84k. However, we believe the reversal is more likely to occur earlier, at around $89k.
The Bullish Outlook
Once this correction is complete, we expect a powerful wave 5 to unfold. Our optimistic targets for this wave range from $120k to a whopping $140k!
Stay Tuned for Updates
As always, alerts from our indicator are automatically replicated on my accounts. For more details and to stay updated on the latest developments, check out our full article on [insert link to your article here].
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Please note: This analysis is for informational purposes only and does not constitute financial advice. Always do your own research before making any trading decisions.