BITCOIN MACRO EW Update Thursday OCT26 2023
After breaking the 31-32k resistance, Bulls have now confirmed that wave2 was the flat correction between 32-25k range, which lasted for 7M nearly (March-Oct 2023)
To get further continuation/confirmation, 32-31k level has to be respected if price ever retests it in the short term.
A conversative wave3 projection will be at 1.27-1.41 extension at 63-69k
A more aggressive wave 3 would at 1.618 at 75k
However, these are 12-18M projections not some short term targets that.
So whatever happens in the next few weeks, bulls just have defend the 32-30k since 30-32k is a 2.8years macro pivot, which started since January 2021.
After breaking the 31-32k resistance, Bulls have now confirmed that wave2 was the flat correction between 32-25k range, which lasted for 7M nearly (March-Oct 2023)
To get further continuation/confirmation, 32-31k level has to be respected if price ever retests it in the short term.
A conversative wave3 projection will be at 1.27-1.41 extension at 63-69k
A more aggressive wave 3 would at 1.618 at 75k
However, these are 12-18M projections not some short term targets that.
So whatever happens in the next few weeks, bulls just have defend the 32-30k since 30-32k is a 2.8years macro pivot, which started since January 2021.
