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Bitcoin Price Technical Analysis
On the 4-hour timeframe, we continue to move within the wave Ⓩ, which is a double zigzag marked as (W)-(X)-(Y). In this case, waves (W) and (Y) are A-B-C zigzags. According to my estimate, we will soon see a short-term upward movement within wave (Y), after which the price of Bitcoin will collapse into the range of $12,700-13,600 that I have already indicated.
Fundamental Bitcoin Price Analysis
From the point of view of the Coin-Years Destroyed indicator, it continues to decline, reaching a multi-quarter low, thereby once again confirming the continued downward pressure on the price of Bitcoin and the absence of prerequisites for the formation of a bottom for it.
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Disclosure: This article may not take into account all the risks and catalysts of the assets described in it. Any part of this analytical article is provided for informational purposes only, does not constitute an individual investment recommendation, investment idea, advice, offer to buy or sell securities, or other financial instruments. The completeness and accuracy of the information in the analytical article are not guaranteed. If any fundamental/technical criteria or events change in the future, I do not assume any obligation to update this article.
Bitcoin Price Technical Analysis
On the 4-hour timeframe, we continue to move within the wave Ⓩ, which is a double zigzag marked as (W)-(X)-(Y). In this case, waves (W) and (Y) are A-B-C zigzags. According to my estimate, we will soon see a short-term upward movement within wave (Y), after which the price of Bitcoin will collapse into the range of $12,700-13,600 that I have already indicated.
Fundamental Bitcoin Price Analysis
From the point of view of the Coin-Years Destroyed indicator, it continues to decline, reaching a multi-quarter low, thereby once again confirming the continued downward pressure on the price of Bitcoin and the absence of prerequisites for the formation of a bottom for it.
Thank you for reading and liking this article. I will be glad for each of your subscriptions, which gives me more motivation to post high-quality analytics. If you have any questions about the article, I will be happy to answer.
Disclosure: This article may not take into account all the risks and catalysts of the assets described in it. Any part of this analytical article is provided for informational purposes only, does not constitute an individual investment recommendation, investment idea, advice, offer to buy or sell securities, or other financial instruments. The completeness and accuracy of the information in the analytical article are not guaranteed. If any fundamental/technical criteria or events change in the future, I do not assume any obligation to update this article.
