[Bitcoin Chart Analysis] $73k Sharp Drop, Healthy Correction or Start of a Downward Wave?
Hello! This is WBT from the ChartInfo team. After Bitcoin (BTC) hit a high around $82,000 ($82k), it has now dropped sharply to the $73,000 ($73k) range. Right now, we are at a very critical crossroads that will decide whether this drop is just a simple "retracement (correction) within an upward wave" or the "start of a new downward wave." Technical Reason Why Defending $73k is a Must: Long-Term Moving Averages Currently, Bitcoin has not only deep-dived into the daily Ichimoku Cloud but is also testing strong support near the daily long-term Moving Average (MA). The key thing to watch here is that the long-term moving average is starting to curve downward. If this final line of defense breaks to the downside, there is a very high risk that the downtrend could stretch out for a long time. That is why holding the current $73k level is more important than anything else right now. Risk of a Bearish Kumo (Red Cloud) Forming on Ichimoku So far, this drop can still be inte...