BTCUSD - 8H Analysis | Elliott Wave Perspective
🔹 Current Price: $96,216.97
🔹 Key Levels:
• Support: ~$91,220 (Wave 4 potential bottom)
• Resistance: ~$100,000 - $112,000 (Projected breakout target)
🔍 Elliott Wave Breakdown:
• The structure suggests we are in a complex correction before the next impulsive move.
• The pattern forming appears to be a contracting triangle (ABCDE) inside a larger Wave 4.
• If price respects the support trendline and completes Wave E, we could see a strong breakout upwards towards $112,000.
• A break below $91,220 would invalidate this structure and signal further downside.
📉 Key Observations:
• A completion of the triangle and breakout above Wave D resistance could trigger the next impulsive leg.
• If BTC holds this support structure, we might witness Wave 5 extension towards new highs.
📢 Conclusion:
We are in a critical zone! Monitoring how BTC reacts around the 91K-100K range will be key in determining the next big move.
Do you think BTC will break out soon? Share your thoughts! 🚀
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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.