🚨CRITICAL ALERT: URGENT UPDATE ON BITCOIN🚨
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🚨#Bitcoin Decline Imminent🚨
Let's get straight to the point: a Bitcoin decline is on the horizon. This downturn isn't related to Mt. Gox; it’s a natural correction due to the market being overbought on the daily chart.
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Daily Chart Analysis:
Bitcoin is currently facing resistance at the mid-range, which coincides with the 0.618 Fibonacci level. This scenario often leads to a “dead cat bounce,” where prices briefly rise to the 0.618 level before falling again. To invalidate this pattern, Bitcoin needs to turn the $72,000 level into strong support. Additionally, Bitcoin hasn’t retested the 20 EMA since breaking above it in early June, suggesting a retest is imminent.
4-Hour Chart Insights:
Bitcoin has completed a five-wave pattern on the 4-hour chart and is now entering an ABC correction phase. The C wave is expected to bottom between the 0.618 and 0.5 Fibonacci zones, aligning with the anticipated 20 EMA retest on the daily chart. The expected ABC correction pattern is illustrated in yellow on the chart.
For those seeking a bearish outlook:
If $BTC breaks below the July 8 low, the technical target is the 1.272 Fibonacci level at $51,450. A deeper retracement could see Bitcoin reaching the 1.618 Fibonacci level at $48,054.
Thank you for reading. Stay vigilant and informed. If you’re interested in mastering technical analysis, feel free to DM or comment, and I’ll get in touch.
Stay safe and informed.