Navigating the Price Reversal Zone (PRZ)
As anticipated, Bitcoin faced resistance and couldn't surpass the crucial Price Reversal Zone (PRZ) and the previous top.
📅 Recent Developments:
Moving within an Ascending Channel near the PRZ, Bitcoin recently broke the channel and Support line(1). According to Elliott's wave theory, the waves inside the ascending channel formed a Double Three Correction (WXY).
🔄 Wave Theory Insights:
Per Elliott's wave theory, there's still a chance for Bitcoin to fill the first CME Gaps. The expectation is for Bitcoin to gradually approach the Support zone ($36,000 - $35,560) and Support line (2), with the potential for a subsequent break.
📊 What's Next:
The journey ahead suggests a gradual approach towards the Support zone and Support line (2). Keep a close eye on these levels as Bitcoin navigates through potential fluctuations.
🚨 Disclaimer:
This analysis is for informational purposes only and not financial advice. Stay informed and be prepared for various market scenarios.
🔍 Stay Updated:
As the crypto landscape evolves, stay updated for real-time insights into Bitcoin's market dynamics. 🌐📈 #BitcoinAnalysis #CryptoInsights $BTC
