The early August collapse gave us a chance to zoom in on Bitcoin's structures since this yearâs high. Here's what weâre seeing:
đ· Expanding triangle formed into July's low, followed by a rally that looks like an x-wave.
đ· Action after wave-x suggests we're no longer in a triangle but likely in a Neowave diametric pattern.
đ· The violent wave-a into this yearâs low fits contracting triangles, but also flats and diametrics.
đĄ The size of wave-d is now too large for a contracting triangle, so Iâve adjusted the structure to suggest a diametric is forming.
What This Means:
Bitcoin could gyrate between $50K and $70K for the rest of 2024, possibly into early 2025! đ
This period of sideways movement could create prime accumulation opportunities before the next big breakout.
Watch for further wave formations to confirm this diametric patternâthis is a crucial time to strategize and capitalize on the moves ahead! đ
