BlackRock’s Bitcoin ETF with ticker IBIT is making a deep retracement, but still looks like a nice and clean higher degree ABC correction in wave 4. We see it now at key support here around ideal 38,2%-50% Fibonacci retracement and equal wavelength of waves 2=4 that comes at 47-45 area. So, as long as it’s above 42 invalidation level, there’s a chance for a bullish resumption within 5th wave, but first bullish evidence is only above 53 area.
Regarding Bitcoin with ticker BTCUSD, we see it trading in an extended wave V, which should be finished by a five-wave bullish cycle of lower degree. It’s currently also sitting at important 38,2% Fibonacci retracement near 79k-77k strong support zone, from where we may see a bullish continuation within final wave 5 of V, especially if jumps back above 91k area. Bulls would be invalidated below channel support line and 73k level.
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