October 26, 2021
Bitcoin seems to have carved a meaningful top at $67000 over the last week. The crypto has dropped through $61500 lows after hitting all-time highs. Bears might remain poised to drag prices further towards $52000 and $47000 levels going further.
Bitcoin has rallied between $28600 and $67000 levels subdividing into five waves, carving an impulse. Ideally, a corrective drop remains high probability from current levels dragging towards $52000 and $46000 levels respectively.
The fibonacci 0.382 retracement of the above rally (potential Wave (5)), is seen passing through $53000 mark, while the 0.618 retracement is passing around $43600 levels respectively. The corrective wave is expected to find support around the fibonacci retracements.
Looking at the recent wave structure, Bitcoin has dropped between $67000 and $61500 levels, subdividing into five waves, carving a lower degree impulse wave. If correct, the crypto should drop further below $61500 to complete the corrective wave.
At the time of writing, Bitcoin has pulled back through sub $64000 levels and might face intraday resistance here. High probability remains for a corrective decline towards $53000 and $46000-47000 levels, going forward.
Prices should stay below $67000 mark to keep the above bearish structure intact. Traders might be preparing to enter fresh short positions against $67000 levels and potential target towards $53000 at least.
The Profinacademy.com Team
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