Technical analysis by SabahEquityResearch about Symbol BTC: Buy recommendation (8/12/2024)

Bitcoin’s recent pullback to 76K has sparked concerns among traders, but for those following Elliott Wave 2.0, this correction is nothing more than a textbook WXYXZ retracement after a powerful 1-2-3-4-5 impulse wave.Wave Structure: A Perfect Setup for the Next MoveWave 1 began around 50K, kicking off the strong uptrend.Wave 5 peaked at 107K, completing the impulsive move.The current decline to 76K aligns perfectly with a wave-2-style correction, which is essential before the next leg up.WXYXZ Correction: The Smart Money Entry ZoneIn Elliott Wave 2.0, A WXYXZ correction is a natural and necessary part of market cycles. This isn’t a sign of weakness—it’s a cooldown before the next explosive run.The Next Leg Up: Preparing for Wave 5According to Elliott Wave 2.0, the cool gains come from Wave 5, which follows a WXYXZ correction. With Bitcoin cooling off at key Fibonacci levels, the next move could send it past 140K+ in the coming months.With Institutional demand remains high, and spot Bitcoin ETFs continuously absorbing supply.The halving effect is still in play, historically driving BTC to new highs post-event.Smart money isn’t panicking—they’re accumulating. This correction isn’t a crash, it’s a reset before the next parabolic wave. 🚀im in at 82k, targeting 140k+.I closed my long, and put a long order at 83k. if it goes up from here my longs will be activated short term we might drop.