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Bitcoin's Price Patterns - A Technical Analysis Perspective

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In today's Bitcoin price analysis, we'll explore the intricate world of technical analysis to gain valuable insights into the current state of BTC. By examining key patterns and trends, we aim to uncover potential price predictions for the future.

The recent price action of Bitcoin has been relatively uneventful, but there are several noteworthy aspects to consider. Firstly, the release of CPI data today could have an impact on the market, so it's essential to keep an eye on that development.

Zooming in on the chart, we can observe a potential ABC structure taking shape. This hypothesis suggests that following the peak on July 6th, Bitcoin embarked on an A wave down, followed by a B wave up. Currently, it appears that Bitcoin is undergoing a C wave decline.
To validate this assumption, it's crucial to monitor the level of 31,050, which represents the Monday High. As long as Bitcoin remains above this level, our hypothesis holds. However, a break above 31,150 would indicate that the B wave may be extending, potentially leading to the formation of a larger fifth wave, possibly unfolding as an ending diagonal.

It's important to remember that Bitcoin is expected to reach another high in the future, even if the immediate price action doesn't confirm it. This high might occur earlier without a lower low preceding it.

While corrective waves can extend, it's worth noting that sustained breaks above the significant resistance level of 31,150 would be unusual for a B wave. Therefore, it's essential to consider probabilities when assessing the current situation.

In summary, the technical analysis suggests that Bitcoin's price movement is currently in a critical phase. The 31,150 level serves as a key threshold for determining whether the Wave 2 has completed or if the B wave is extending. Keep a close eye on future developments as we anticipate potential price movements and the completion of various wave patterns.

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