A breakout above this level could trigger Wave 5 targeting higher Fibonacci extensions near $775–$900. On the downside, key support levels lie at $710, the ascending trendline.

Despite the pullback, Ananda stressed that the broader crypto bull market remains intact.

The broader bullish structure remains intact, with wave (v) potentially aiming for extensions at $0.50 (1.618 Fibonacci extension) and higher targets near $0.75 (2.618 extension).

Fibonacci extension levels now indicate an ambitious $4 target, with trading volume returning to the market amid Bitcoin’s historic price highs.

Possibly as high as $4802. However, if the index breaks above $4802 on a daily closing basis, we will look for the index to reach the next Fib-extension target zone: 176.40% at $4838-83.