Bitcoin reached the medium-term third-wave high of 110000. A break below 93000 support is leading to a possible correction lower to test 70000 which would be an end of a fourth wave correction. We need to see a break above 93500 for immediate relief and continuation upside. Learn to Trade Crypto profitably.
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The Bitcoin weekly chart below reveals a falling trendline test and rejection for a reversal lower. At this point, sell positions have a greater probability of success. If we get a confirmed break below 80000, we should see an acceleration lower for a 70000 test. The invalidation of a reversal and extension lower in the fourth medium-term wave will come only upon a break above 93500. Speed lines indicate the 81500 level as a key.
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It is a fact that a strong downside resistance for Q1 2025 is 81500 and If we get a confirmation of a breakout and a sustained extension below this level we could see a fast test of 70000 which is a medium-term strong support. You can take the short trade here with a stop loss above 88000. For inquiries about account management or copy trading please write to [email protected] or contact me on WhatsApp or Live chat.
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