Bitcoin Market Analysis $BTC
The overall structure of Bitcoin is WXY wave trend. The W wave goes from 69,000 to 17,000. Currently it is the X wave rebound starting from 17,000. After the X wave rebound is over, there will be a Y wave decline.
The current market has not ended the x-wave, so there is still a chance for an increase. There are two possible trends for this increase. One is that the x-wave ends after the increase, see the yellow line. The other is that after the increase, it retreats and then rises again to form a new wxy structure, see the green line. No matter which structure is used, there is an increase. You can consider placing a long order to bet on this increase.
I have been waiting for the second test these days. Bitcoin has dropped to 25,300. It was originally expected that the second test would end between 24,000 and 25,000. The position of 25,300 is also relatively close, and there is a possibility of completing the second test at this position.
It is recommended to build a part of long position near 25800 first, and then wait to build an order on the right side, and then add positions after the rebound and break through the trend line after the second exploration. If the trend line of 26000 is broken, some long positions can be added.
Long positions have been entered at Bitcoin 25,800, and long positions will be increased if it breaks through the downward trend line near 26,000.
