Bitcoin Market Analysis $BTC
Bitcoin started from 69,000, and the overall structure is WXY. The W wave has been completed, and it is uncertain whether the previous sharp drop has started the Y wave. After a few days of structural observation, it is still in the X wave rebound, that is, there will be a larger rebound later.
The reasons for continuing to watch the X-wave rebound are as follows:
1. Currently, it is a second retracement to the head and shoulders top structure, and the neckline has not yet been broken.
2. It is still within the X-wave rebound channel and has not fallen below the lower edge of the channel at 22,400.
3. Both the large and small levels have a 3-wave adjustment structure, and no downward driving wave is formed.
Ethereum Market Analysis $ETH
Ethereum's downward plunge is very deep, reaching the 1550 position. Judging from the structure and the strength of the decline, the three-wave correction and decline structure of WXY has basically been completed. The subsequent second exploration is likely to not be that deep. Now we are considering more about how to wait for a good position for the second retracement to take over.
Order Suggestions
Bitcoin, Ethereum and other currencies have seen a second pullback and are expected to occur in the next few days.
