$BTC July 16 Bitcoin market analysis: Bitcoin is in an uptrend cycle of Wave B, and the overall structure remains bullish. It surged to around 65,500 yesterday, which is an extension of the first bullish leg. Pulling back to around 63,800 is the chance to get back in, but the depth of the pullback is uncertain and may only retrace to the 0.382 area. Wait patiently for a suitable position; do not short.



Ethereum's price action is stronger than Bitcoin's. Yesterday’s surge high was also a continuation of the first wave move. If a Wave 2 pullback appears, the 50% level is around 1,840—retracing to this area would be a good time to get back in. Since the first leg was so strong, the third leg may test above 2,100; do not short.

The overall market is still in an uptrend cycle and hasn’t finished yet. Look for another opportunity to get back in. Keep risk under control: the depth of the pullback is uncertain. Wait for key support levels before entering.
BTC-1.71%
ETH-2.66%
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GasSaver
· 07-16 04:58
Waiting for the pullback and getting impatient, but as long as the structure hasn’t been broken, you can only wait—more.
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OptimismFlower
· 07-16 04:47
0.382 retracement level is definitely crucial, but what if the market doesn’t give you a chance and just surges straight up?
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SocialEngineerBreaker
· 07-16 04:38
Don’t say the words “short the market” three times. Last time, those who didn’t believe already cried.
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HusdcHunter
· 07-16 03:28
This B-wave extension is stronger than expected; as for the third wave, the target is now seen at 2100+.
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CodeAuditorMeme
· 07-16 03:11
Placed orders around ETH 1,840, hoping to get people on the bus.
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