1️⃣ Key Market Structure - Elliott Wave Analysis
📉 Elliott Wave Progression:
BTC is in Wave 5️⃣, which historically marks the last bullish impulse before a potential correction.
Wave 3️⃣ was strong, confirming the trend continuation.
Now BTC is approaching the potential Bull Market Top 🚀.
🟢 Current Market Position:
BTC is forming Wave 5, targeting $117K - $139K as per Fibonacci extensions.
The final Wave 5 completion zone is projected within this range.
2️⃣ Fibonacci Retracement & Extension Levels
📊 Fibonacci Levels to Watch:
📍 0.236 Retracement: $93,845.34 ✅ (Minor pullback support)
📍 0.382 Retracement: $85,842.61 ✅ (Stronger correction zone)
📍 0.5 Retracement: $79,876.11 ⚠️ (Critical mid-level support)
🎯 0.382 Extension: $117,331.51 (Potential first target resistance)
🎯 0.618 Extension: $139,205.03 (Bull Market Top Projection)
📌 BTC Weekly High: $109,358.01
📈 BTC Current Price: ~$99,449.97
3️⃣ Technical Indicators - Confirmation Signals
📊 MACD (Momentum Indicator)
✅ MACD Histogram is still positive ➝ Confirming bullish momentum.
⚠️ Flattening MACD lines ➝ Indicates momentum might be slowing.
📊 RSI (Relative Strength Index):
🔼 RSI is near overbought zone (~69-70)
⚠️ Possible local top - BTC might need a correction before further upside
4️⃣ Key Support & Resistance Zones
🛑 Major Support Levels:
🟢 $93,800 (0.236 Fib - Short-term pullback zone)
🟢 $85,800 (0.382 Fib - Stronger correction zone)
🟢 $79,800 (0.5 Fib - Must hold support for long-term bullish trend)
🎯 Resistance Levels - Price Targets:
🔴 $109,000 (Current High - Short-term resistance)
🔴 $117,000 (First Major Resistance - 0.382 Fib Extension)
🚀 $131,000 - $139,000 (Bull Market Top Zone - 0.618 Fib Extension)
5️⃣ Trading Strategy & Market Outlook
💹 Bullish Bias Until BTC Breaks Below $93,800
🎯 Target Areas for TP (Take Profit):
✅ Conservative Traders: Exit near $109,000 - $117,000
✅ Higher Risk Targets: $131,000 - $139,000
⚠️ Risk Management:
🛑 Stop-loss: Below $93,000 to protect against a deeper correction.
📈 Scaling In: Consider adding positions if BTC retraces to the 0.382 ($85,800) or 0.5 ($79,800) Fibonacci level.
💡 Summary & Final Thoughts:
✅ BTC is in the final Elliott Wave 5 move, targeting a potential Bull Market Top of $131K - $139K based on Fibonacci extensions.
⚠️ However, RSI is overbought, and MACD momentum is slowing, meaning a pullback to $93K or $85K is possible before the next move higher.
🚀 Bullish until BTC breaks below key supports. Watch $109K and $117K for short-term resistance.
📊 Strategy: Hold long positions with profit-taking targets at $117K, $131K, and $139K. Use $93K as a support level for risk management.
📉 Elliott Wave Progression:
BTC is in Wave 5️⃣, which historically marks the last bullish impulse before a potential correction.
Wave 3️⃣ was strong, confirming the trend continuation.
Now BTC is approaching the potential Bull Market Top 🚀.
🟢 Current Market Position:
BTC is forming Wave 5, targeting $117K - $139K as per Fibonacci extensions.
The final Wave 5 completion zone is projected within this range.
2️⃣ Fibonacci Retracement & Extension Levels
📊 Fibonacci Levels to Watch:
📍 0.236 Retracement: $93,845.34 ✅ (Minor pullback support)
📍 0.382 Retracement: $85,842.61 ✅ (Stronger correction zone)
📍 0.5 Retracement: $79,876.11 ⚠️ (Critical mid-level support)
🎯 0.382 Extension: $117,331.51 (Potential first target resistance)
🎯 0.618 Extension: $139,205.03 (Bull Market Top Projection)
📌 BTC Weekly High: $109,358.01
📈 BTC Current Price: ~$99,449.97
3️⃣ Technical Indicators - Confirmation Signals
📊 MACD (Momentum Indicator)
✅ MACD Histogram is still positive ➝ Confirming bullish momentum.
⚠️ Flattening MACD lines ➝ Indicates momentum might be slowing.
📊 RSI (Relative Strength Index):
🔼 RSI is near overbought zone (~69-70)
⚠️ Possible local top - BTC might need a correction before further upside
4️⃣ Key Support & Resistance Zones
🛑 Major Support Levels:
🟢 $93,800 (0.236 Fib - Short-term pullback zone)
🟢 $85,800 (0.382 Fib - Stronger correction zone)
🟢 $79,800 (0.5 Fib - Must hold support for long-term bullish trend)
🎯 Resistance Levels - Price Targets:
🔴 $109,000 (Current High - Short-term resistance)
🔴 $117,000 (First Major Resistance - 0.382 Fib Extension)
🚀 $131,000 - $139,000 (Bull Market Top Zone - 0.618 Fib Extension)
5️⃣ Trading Strategy & Market Outlook
💹 Bullish Bias Until BTC Breaks Below $93,800
🎯 Target Areas for TP (Take Profit):
✅ Conservative Traders: Exit near $109,000 - $117,000
✅ Higher Risk Targets: $131,000 - $139,000
⚠️ Risk Management:
🛑 Stop-loss: Below $93,000 to protect against a deeper correction.
📈 Scaling In: Consider adding positions if BTC retraces to the 0.382 ($85,800) or 0.5 ($79,800) Fibonacci level.
💡 Summary & Final Thoughts:
✅ BTC is in the final Elliott Wave 5 move, targeting a potential Bull Market Top of $131K - $139K based on Fibonacci extensions.
⚠️ However, RSI is overbought, and MACD momentum is slowing, meaning a pullback to $93K or $85K is possible before the next move higher.
🚀 Bullish until BTC breaks below key supports. Watch $109K and $117K for short-term resistance.
📊 Strategy: Hold long positions with profit-taking targets at $117K, $131K, and $139K. Use $93K as a support level for risk management.
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.