Analyst: Bitcoin may pull back to as low as $74,600, medium-term trend remains bullish

BlockBeats news, October 15: Crypto analyst Darkfost posted that there has been no substantial change in Bitcoin's technical outlook. Subwave (5) of Wave I has ended at the expected level, and a Wave II correction may follow. This corrective wave could dip to $74,600, corresponding to the usual 0.382 Fibonacci retracement level.

Currently, Bitcoin has fallen below the 21-period EMA and is sitting at the 50-period EMA support, which he views as relatively strong support; the 200-period EMA is located at around $75,800, still some distance from the current price.

RSI has returned to the neutral level of 50, but its gap with the 14-period SMA has widened. Darkfost believes this means a corrective B-wave rebound may occur before the final C wave arrives. He stated that there are currently no signals worth worrying about, and Bitcoin's medium-term trend remains positive.