Here, the groundwork is laid for the next cycle.
BTC has fallen below the 0.5 Fibonacci level at 71,000.
Although the price could move even lower, technically we are already at generational buying levels.
69,000 was the November 2021 high.
64,854 was the April 2021 high.
59,600 is the midpoint of the FVG-Y.
57,000 is the 0.375 Fibonacci level.
These are generational price levels with a high probability of reacting in the short term, offering opportunities for intraday trading if you are a trader, and for initiating a cumulative buying process if you are a long-term investor.
Now the BTC price will have to establish a generational floor in preparation for the next cycle. This will take days, weeks, or even months.
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