Technical analysis by martinxi5u4 about Symbol BTC: Buy recommendation (12/9/2024)

Bitcoin recently completed a 7.5-month correction from Primary Wave 1 to Primary Wave 2. This lengthy consolidation phase has set the stage for a strong impulsive move in Primary Wave 3. It is unlikely that we are nearing the end of Wave 3 given the recent correction. Instead, Wave 3 appears to be in its middle stages, with significant upside potential. Key Fibonacci Targets for Wave 3 Based on the chart structure: 2.414 (~143,438 USD): A likely target for Wave 3 if momentum continues. 2.618 (~154,259 USD): A stronger extension for a typical Wave 3 in a bullish market. 3.618 (~207,304 USD): An extreme case if Wave 3 develops parabolically. Takeaway Wave 3 is typically the strongest and most impulsive, and the ongoing price action supports the idea of further upside. The correction in Wave 2 has provided the foundation for this move, and Fibonacci levels offer reliable targets to monitor. Focus on the wave count and Fibonacci levels for guidance! 🚀