๐ฅBitcoin โ Bigger Picture๐ฅ
As discussed in my lower timeframe post yesterday, structure is still not fully resolved. At this stage it is unclear whether the low is already in or whether we see one final push lower before a more meaningful move develops.
From a higher timeframe perspective, regardless of whether the low is already formed or still ahead of us, Bitcoin is positioned for at least a recovery bounce. Weekly RSI is now below 30, a level that has historically only occurred roughly once every four years. The last instance was June 2022.
Based on probabilities, I am leaning toward a recovery bounce first, with the possibility of another move lower afterward, likely as a C Wave. That said, structure will ultimately guide us, and I will be watching closely as it unfolds.
From here:
โข A three-wave corrective zigzag would suggest a B Wave recovery before a C Wave decline.
โข A five-wave impulsive move would signal upside continuation and open the door to new highs.
Patience is key here. Let the structure confirm the path.
#Square #BinanceBitcoinSAFUFund #WhenWillBTCRebound #Bobbers
