$BTC 11.3 Bitcoin Market Analysis: Bitcoin rebounded to around $78,800 before quickly reversing; Ethereum also rose to $2,316 before rapidly declining. Previously, it was anticipated that Bitcoin would need to break above $79,200 and establish an upward trend structure to confirm the end of its rally, while Ethereum needed to surpass $2,300. Although Ethereum has moved above $2,300, Bitcoin has not reached $79,200, and the current price level is too minor to confirm any trend structure.
The larger Wave 2 could unfold in two ways: either it concludes directly at the current level, or this rebound is merely an X-wave, followed by a Z-wave to complete the larger Wave 2 correction. The current rebound is of the same magnitude as the prior range; treat it cautiously as an X-wave structure, as it remains uncertain whether a sustained upward trend will form. If no such structure develops, a further decline is likely.
Ethereum’s structure also presents two possibilities: the WXY correction may have ended here, or this rebound is only an X-wave, with a subsequent Z-wave needed to complete the larger Wave 2. The sideways movement has persisted for over 40 days, indicating weak momentum. Until the structure is confirmed, avoid engaging with smaller-cap altcoins. You may trade the rebound, but treat it strictly as an X-wave and adjust your expectations accordingly. Risk Warning: Until the structure is confirmed, strictly manage your position size and implement stop-losses.
