As discussed on July 6, Bitcoin completed a five-wave impulsive decline on the 4H chart, which suggested that a corrective recovery was likely next. Since then, Bitcoin has been nicely recovering within a projected three-wave ABC corrective rally.
After the recent wave B consolidation, price has now moved higher in wave C, which currently appears to be forming an ending expanding diagonal. While the structure suggests the recovery may be approaching its final stages, Bitcoin can still retest the 67k-70k resistance area before a potential bearish continuation.
However, traders should closely monitor the lower boundary of the diagonal and the rising channel support. A decisive break below the 62k area would suggest that wave C has likely already completed, confirming that the corrective recovery is over and that bears are back in control.
For a detailed view and more analysis like this, you may want to join our live webinar tomorrow on July 28 @ 15.00CET: DIRECT LINK
Comments
Log in or sign up to join the conversation.