BTCUSDT: Correction in Progress, Uptrend Likely to Resume
2024-12-13
Category: None

Bitcoin has completed a five-wave structure to the upside, showcasing bullish momentum. Currently, the market is in a corrective phase. However, this correction appears too shallow to me. Ideally, I expect the price to retrace further to key levels around 98,500 or 97,500 before resuming its upward trajectory.

These levels align with deeper Fibonacci retracements, offering a more robust base for the next impulsive wave. Traders should keep a close eye on these zones for potential reversal signals, as they could present favorable opportunities for long positions. 