BTC Wave II retracement to 74600
Darkfost puts the Wave II correction target at 74600, corresponding to the 0.382 retracement level. Price has lost the 21-week EMA and is now testing the 50-week EMA, with the 200-week EMA overhead at 75800. RSI has returned to the neutral 50 line, but its gap with the 14-period SMA is still widening.
Short-term momentum has already shifted away from the bulls. The 50-week EMA could catch a bounce, but it probably won’t hold the entire move. A B-wave rebound is likely to come first, running into resistance above 79,000, followed by a C-wave sell-off to test 74600. That’s the cost-basis zone where large on-chain holders may start accumulating again. The medium-term structure remains intact; this pullback is just a shakeout, and the bulls are still expected to regain control.
Will you take profit during the rebound, or place a limit order at 74600 and catch the falling knife?
$BTC $ETH $SOL
Darkfost puts the Wave II correction target at 74600, corresponding to the 0.382 retracement level. Price has lost the 21-week EMA and is now testing the 50-week EMA, with the 200-week EMA overhead at 75800. RSI has returned to the neutral 50 line, but its gap with the 14-period SMA is still widening.
Short-term momentum has already shifted away from the bulls. The 50-week EMA could catch a bounce, but it probably won’t hold the entire move. A B-wave rebound is likely to come first, running into resistance above 79,000, followed by a C-wave sell-off to test 74600. That’s the cost-basis zone where large on-chain holders may start accumulating again. The medium-term structure remains intact; this pullback is just a shakeout, and the bulls are still expected to regain control.
Will you take profit during the rebound, or place a limit order at 74600 and catch the falling knife?
$BTC $ETH $SOL