Based on the current market structure, the nearest target for
BTCUSDT is the $102,700 - $105,000 range. This level is a significant zone due to the presence of a price imbalance (FVG) and strong limit resistance on the daily timeframe. This level has previously acted as a selling zone, making it a key area for a potential pullback.From an Elliott Wave perspective, I consider the current upward movement as the final stage of Wave C within Wave D of a triangle. If
BTCUSDT.P reaches this area, a downward retracement is possible to form the final Wave E before a larger breakout.Development Scenarios:
1. Base Scenario (Reversal from $102,700 - $105,000):
Expecting resistance in this zone and a reversal within Wave E.
Possible retest of $96,000 - $94,000 before an upward breakout.
2. Alternative Scenario (Breakout Above Resistance):
If
BTCUSD decisively holds above $105,000, the next target could be around $110,000 - $112,000.I am holding a long position up to the designated zone, partially taking profits within the target range. I am also considering opening a short position upon a confirmed rejection from this level.
❖ My previous forecast for BTC https://www.tradingview.com/chart/BTCUSDT.P/DiLeVOMt-Bitcoin-s-Bull-Cycle-Nearing-the-End-What-s-Next/
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🥷🏼 My Telegram
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🇺🇸 t.me/shakatrade1_618
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🍓 The best crypto exchange — Bingix! Click my referral link to activate your bonus! bingx.com/invite/D9E1B1/
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.