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Bitcoin: Correction could deepen before the uptrend resumes [Video]

Bitcoin: Correction could deepen before the uptrend resumes [Video]
Gregor HorvatGregor HorvatWavetraders

Bitcoin is slowing down after completing an extended wave (3), suggesting that a higher-degree wave (4) correction may be underway. While initial support remains around $80K, a potential leading diagonal in wave A could open the door to a deeper ABC correction toward the $78K–$74K support zone, aligning with the 38.2%–50% Fibonacci retracement. After the current wave B recovery, watch for another decline within wave C before a potential bullish resumption in wave (5). Bulls may regain control above $86K, while a break below $74K would raise the possibility that wave (5) has already completed.

btc8h
BTCUSD 8H Chart

For a detailed view and more analysis like this, you can watch below our latest recording of a live webinar streamed on October 19:

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Author

Gregor Horvat

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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