From TradingView · · 50s
BTC 9% Pullback: Wave 4 or Larger Correction?
Trader analyzes Bitcoin's 9% drop as potential wave 4 correction or larger market correction.
In brief
Trader analyzes Bitcoin's 9% drop as potential wave 4 correction or larger market correction. Bitcoin's 9% decline from 82,300 may be a wave 4 correction or start of larger correction, with key support at 72,200-72,300. Originally reported by TradingView.
Current Price Action
Bitcoin dropped 9% from 82,300 to 75,100.
Key Support Level
72,200-72,300 is critical for bullish reaction.
Wave 4 Scenario
Current drop could be wave 4 correction within ongoing uptrend.
Invalidation Level
Break below 72,200-72,300 invalidates bullish scenario.
Alternative Scenario
Previous rally complete, deeper correction may follow.
Blue Box Analysis
Multiple technical factors align at 72,200-72,300.
Trading Approach
Monitor price reaction before entering trades.
What matters most
Bitcoin's 9% decline from 82,300 may be a wave 4 correction or start of larger correction, with key support at 72,200-72,300.
