I believe that in the coming weeks, we will see a larger correction in the BTC chart, bringing the price back to around $83,000. The pattern shown in the chart is a sub-chart of the larger timeframe and indicates an ongoing ABC correction, which is marked as impulsive waves 1, 2, 3, 4, 5 within Alternative 1.
Ideally, the price moves toward the black rectangle and then impulsively upward to complete a clean three-wave (A-B-C) structure. This movement could be an impulsive rally that significantly increases market potential. Alternatively, we could fall to the lower edge of the rectangle and form a bottom there. This consolidation would provide market participants with security and create a base for an impulsive rise.
The bottom formation is characterized by a diagonal triangle (A-B-C-D-E). After completing this bottoming process, an impulsive move is expected, marked as A on the chart. We will encounter a strong resistance zone indicated by wave B.
Further upward movement should continue within a three-part corrective structure marked as W-X-A-B-C on the chart.
That’s my analysis – feel free to share your opinions or correct me if needed!
BTCUSD
Ideally, the price moves toward the black rectangle and then impulsively upward to complete a clean three-wave (A-B-C) structure. This movement could be an impulsive rally that significantly increases market potential. Alternatively, we could fall to the lower edge of the rectangle and form a bottom there. This consolidation would provide market participants with security and create a base for an impulsive rise.
The bottom formation is characterized by a diagonal triangle (A-B-C-D-E). After completing this bottoming process, an impulsive move is expected, marked as A on the chart. We will encounter a strong resistance zone indicated by wave B.
Further upward movement should continue within a three-part corrective structure marked as W-X-A-B-C on the chart.
That’s my analysis – feel free to share your opinions or correct me if needed!
BTCUSD 
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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.