Current Price: ~$85,295
Wave A of an ABC corrective structure has completed (a sharp downward move).
Wave B is currently forming — expected to retrace upwards to the $92,000–$97,000 region.
Next Move: After Wave B, a significant Wave C decline is anticipated — targeting the $46,000–$58,000 zone.
🌀 Elliott Wave Breakdown
✅ Key Waves Identified:
The final Wave 5 of the impulse cycle has topped out around ~$100,000.
A corrective ABC pattern is now unfolding:
Wave A: Completed with a 5-wave downward structure.
Wave B: Currently in progress, following a typical 3-wave (a-b-c) correction.
Wave C: Expected to be a strong downward move, continuing the overall correction.
🔁 Key Support & Resistance Zones:
Short-term Resistance: ~$97,000 (potential top of Wave B).
Key Support Levels:
$73,000
$64,000
$58,000
Major support: $46,000–$50,000
📉 Suggested Trading Strategy
Scenario Suggested Action
If price moves up to
92K–
97K (Wave B) Look to short — likely entry point for Wave C
If price fails to reach that high Consider short positions from
88K–$90k if reversal signals appear
If you're already in a short trade Hold your position and watch for confirmation of Wave C continuation
If planning to go long Wait until Wave C completes — potential long entry in the $50k–$58k range
🧠 Overall Outlook
The current wave pattern indicates a medium-term correction phase.
The broader trend is bearish until the ABC correction fully plays out.
Be cautious of strong upward retracements within Wave B — they often trap inexperienced
Wave A of an ABC corrective structure has completed (a sharp downward move).
Wave B is currently forming — expected to retrace upwards to the $92,000–$97,000 region.
Next Move: After Wave B, a significant Wave C decline is anticipated — targeting the $46,000–$58,000 zone.
🌀 Elliott Wave Breakdown
✅ Key Waves Identified:
The final Wave 5 of the impulse cycle has topped out around ~$100,000.
A corrective ABC pattern is now unfolding:
Wave A: Completed with a 5-wave downward structure.
Wave B: Currently in progress, following a typical 3-wave (a-b-c) correction.
Wave C: Expected to be a strong downward move, continuing the overall correction.
🔁 Key Support & Resistance Zones:
Short-term Resistance: ~$97,000 (potential top of Wave B).
Key Support Levels:
$73,000
$64,000
$58,000
Major support: $46,000–$50,000
📉 Suggested Trading Strategy
Scenario Suggested Action
If price moves up to
92K–97K (Wave B) Look to short — likely entry point for Wave CIf price fails to reach that high Consider short positions from
88K–$90k if reversal signals appearIf you're already in a short trade Hold your position and watch for confirmation of Wave C continuation
If planning to go long Wait until Wave C completes — potential long entry in the $50k–$58k range
🧠 Overall Outlook
The current wave pattern indicates a medium-term correction phase.
The broader trend is bearish until the ABC correction fully plays out.
Be cautious of strong upward retracements within Wave B — they often trap inexperienced
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.