Bitcoin BTC Analysis By Skyrexio: Correction To $85k Is Incoming
2024-12-03

Hello, Skyrexians!

In our last  Bitcoin analsys  we pointed out how  BINANCE:BTCUSDT  will break $100k and why it's not going to happen with the first attempt. There we expected correction before the bullish continuation. Now it looks like our scenario is playing out. Let's look in details when this correction will be over.

Let's take a look at the 4h time frame. We can see there the large wave 3 which has been finished almost at $100k. This wave consists of 5 Elliott waves inside. All this small cycle has been finished with the bearish divergence and the red dot on the  Bullish/Bearish Reversal Bar Indicator  . You can see two red dot. On low time frames, like 4h it's needed more than signal to have the high probability of reversal. 

Large wave 3 is finished and now it's time for wave 4. This wave is likely to be the zigzag ABC. Waves A and B have been already printed, now price is I wave C. The target for this dump is clear, waves 4 tend to reach 0.38-0.5 Fibonacci retracement levels. Moreover the wave 4 of lower degree usually ends at the same zone. As a result we have the very strong potential reversal level at $85k approximately. After reaching this zone expect the bullish continuation to the target $107k.

Best regards,
Skyrexio Team

 ___________________________________________________________
Please, boost this article and subscribe our page if you like analysis!