π Bitcoin (BTC/USD) Weekly Elliott Wave Analysis
Current Trend: Bitcoin is in Wave 4 correction, testing key support on the ascending trendline.
Next Move: If support holds, BTC could rally into Wave 5, targetingΒ 120KΒ -Β 130K.
Post-Wave 5: A major correction could follow, potentially dropping BTC toΒ 40KΒ -Β 50K.
Key Levels:
Support: ~80KΒ -Β 86KΒ (must hold for bullish continuation).
Resistance: ~120KΒ -Β 130KΒ (potential Wave 5 target).
Trading Plan:
β
Look for bullish confirmation near support for a long setup.
β Break below support could invalidate the bullish structure.
