đ¨URGENT UPDATE: #BITCOIN ALERT đ¨
đ¨ â ď¸â ď¸ EVERYONE ALERT âźď¸đ¨âźď¸đ¨
Bitcoin is poised for a significant downturn. This anticipated dip isn't related to Mt. Gox; it's a result of the market being overbought on the daily chart.
Daily Analysis
Currently, Bitcoin is facing resistance at the mid-range, coinciding with the 0.618 Fibonacci level. This scenario often leads to a "dead cat bounce," where prices briefly recover to the 0.618 Fib level before falling again. To invalidate this bearish outlook, Bitcoin needs to turn the $72k level into support. Additionally, Bitcoin has not retested the 20 EMA since breaking below it in early June, suggesting an imminent retest.
4-Hour Analysis
On the 4-hour chart, Bitcoin has completed a five-wave uptrend and is now entering an ABC correction phase. The bottom of the C wave is expected to fall between the 0.618 and 0.5 Golden Fib zones, which also aligns with the daily 20 EMA retest. The anticipated ABC correction pattern is illustrated in yellow on the chart.
Bearish Scenario
In the most bearish scenario, if Bitcoin drops below the July 8 low, it targets the 1.272 Fib level at $51,450. A deeper retracement could push it to the 1.618 Fib level at $48,054.
Stay vigilant and informed. For those interested in mastering technical analysis, feel free to DM or comment below for more details. Stay safe out there!
