Bitcoin ETF - Party Killer? 🚀📉

10 Jan

This might not align with the current narrative, especially with the potential approval of the Bitcoin ETF. I believe that we are currently in a higher-degree Wave (3). Pinpointing its exact completion is challenging, and it's possible that it may have already concluded.


Upon closer examination of the 4-hour chart, I assume that we are now in a Wave (iv), followed by Wave (v), with Waves 4 and 5 to follow to complete Wave (3). I estimate that we could see an upward movement in Wave (3) up to the 461 Fibonacci level, approximately around $59,400. Subsequently, a significant sell-off is expected as Wave (4), followed by another upswing in Wave (5). This would ultimately conclude the entire cycle. Currently, I'm not convinced that we will surpass the all-time high. I continue to hold onto my limit order between $40,000 and $37,500. A short-term drop below this level seems unlikely, considering that the lower wave structure hasn't completed, suggesting that Wave (3) is not finished yet.

Stay focused and calm until we know more! ✨