Bitcoin appears to be completing an Elliott Wave structure, currently sitting around the (4) pullback area with signs of a potential continuation into wave (5) to new local highs. The recent LH and bounce from demand could mark the beginning of the impulsive move.
Key Observations:
✅ Elliott Waves Count (1–2–3–4–5) in Play
Wave (3) completed near ~$113K
Wave (4) correction retraced into the ~$98K support zone
Structure looks corrective (ABC style), typical for wave 4
Wave (5) projection aims towards ~$120K+ based on symmetry
✅ Market Structure
Higher High (HH) → Higher Low (HL) pattern intact
Price respected a key demand zone and bounced
Green dotted line shows potential consolidation → breakout behavior
✅ Support Zones
~$98K = key demand + previous HL
~$92K = macro structure support
Holding these levels = bullish continuation scenario likely
✅ Resistance Ahead
~$113K = recent local high
Break and close above this = wave (5) confirmed
Final TP area ~$120K–124K based on Fibonacci extensions and wave symmetry
🎯 Trade Plan (Idea)
Entry: On confirmation above $106K
Targets:
TP1: $113K (retest)
TP2: $120K
TP3: $124K
Key Observations:
✅ Elliott Waves Count (1–2–3–4–5) in Play
Wave (3) completed near ~$113K
Wave (4) correction retraced into the ~$98K support zone
Structure looks corrective (ABC style), typical for wave 4
Wave (5) projection aims towards ~$120K+ based on symmetry
✅ Market Structure
Higher High (HH) → Higher Low (HL) pattern intact
Price respected a key demand zone and bounced
Green dotted line shows potential consolidation → breakout behavior
✅ Support Zones
~$98K = key demand + previous HL
~$92K = macro structure support
Holding these levels = bullish continuation scenario likely
✅ Resistance Ahead
~$113K = recent local high
Break and close above this = wave (5) confirmed
Final TP area ~$120K–124K based on Fibonacci extensions and wave symmetry
🎯 Trade Plan (Idea)
Entry: On confirmation above $106K
Targets:
TP1: $113K (retest)
TP2: $120K
TP3: $124K
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.