Bitcoin is currently testing a significant resistance zone that aligns with the 8.618 Fibonacci extension, the value area low, previous point of control, and high time frame SR levels. This region also coincides with a potential point C in an ABCD correction based on Elliott Wave theory.
Key Points:
Price is reacting at point C of a possible ABCD correction, with technical confluence from major Fibonacci levels.
Rejection here could lead to a drop toward the $60K–
67K region, aligning with wave D completion.
The current move up appears short-squeeze driven rather than organic, increasing the likelihood of a corrective rejection. If point C holds as resistance, Bitcoin may rotate lower, continuing the broader bearish market structure and validating the wave theory setup.
Key Points:
Price is reacting at point C of a possible ABCD correction, with technical confluence from major Fibonacci levels.
Rejection here could lead to a drop toward the $60K–
67K region, aligning with wave D completion.The current move up appears short-squeeze driven rather than organic, increasing the likelihood of a corrective rejection. If point C holds as resistance, Bitcoin may rotate lower, continuing the broader bearish market structure and validating the wave theory setup.
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Free Alpha Group t.me/freetradingden
Unlock up-to $8,000 USDT in bonuses, only at Blofin - Link Below to start Trading.
partner.blofin.com/d/alchemisttrader
Unlock up-to $8,000 USDT in bonuses, only at Blofin - Link Below to start Trading.
partner.blofin.com/d/alchemisttrader
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.