Bitcoin Price Plunges: Binance Tumbles to $200 Support Level

This presents a cautious perspective on the current market situation, emphasizing the importance of considering all potential outcomes to prevent surprises. According to Elliott Wave Theory, the market is currently displaying characteristics of a complex correction in Wave 4, following a simple correction in Wave 2. The correction in Wave 4 could either be a flat or a zigzag pattern, with a breakout above the previous highs indicating a flat correction and staying below suggesting a zigzag. To confirm a downward trend towards the 200 mark, attention is directed towards a break of the red trendline, signaling bearish momentum. Buying around the 200 mark is seen as a strategic move, with expectations for the next wave to surpass 1k. Wishing all traders good luck and reminding them to prioritize safety in their trades.

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