š¶ Bitcoin's Early August Collapse: The price collapse of Bitcoin in early August has given us a chance to closely examine the market structure since this yearās peak. A distinctive expanding triangle formation has appeared, reaching its low point in July. The rally that followed has been identified as an X-wave, which has led to what now looks like a developing contracting triangle, expected to reach its conclusion by October.
š¶ Market Patterns Post Wave-X: In my previous analysis, I pointed out that a Flat pattern was the leading option for what might form after wave-x. However, I also mentioned the possibility of a triangle or a diametric pattern forming. After reviewing new data based on market interest and the rapid recovery following wave-c, the probabilities now strongly favor the formation of a contracting triangle as the post-X-wave structure.
š¶ The Non-Limiting Contracting Triangle: Unlike other triangle types, this is expected to be a non-limiting version, meaning it can move in various directions within a defined range. This allows the pattern to extend and unfold over time, possibly pushing into October or even November, giving traders and analysts more time to observe market developments.
