Bitcoin moved nicely to the downside over the last couple of weeks, as anticipated, but it now appears to have completed the projected five-wave impulsive decline on the 4-hour chart. This view is supported by the sharp rebound back above the Elliott Wave channel resistance line. We can now expect at least a three-wave A/1–B/2–C/3 recovery, with a minimum upside target around the 67k resistance area for wave C or 3. Currently, it can be slowing down within a corrective pullback in wave B/2 before the next leg higher within wave C or 3.
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