đ BTC/USDT 4H â Elliott Wave Update
Price is holding above key support at $77,900 after the recent pullback. The 4H chart suggests we're still within a corrective structure, with wave labels indicating a potential complex correction in progress.
đ Key Observations:
· Resistance remains at $80,000â$82,000 â a breakout above this zone could open the door toward $84,000.
· Support sits at $77,900** â a break below would shift focus toward **$76,000 and the $72,000â$74,000 region.
· Elliott Wave labels hint at a W-X-Y or triple-three formation â typical of range-bound consolidation before the next impulsive move.
đ Strategic Outlook:
· Bullish scenario: Clear break above $80,000 with volume could confirm wave (iii) extension toward $84,000+.
· Bearish scenario: Loss of $77,900 increases risk of a deeper retracement toward $74,000â$72,000.
đ§ Plan:
· Wait for a confirmed breakout or breakdown before adding positions.
· Scale into longs only above $80,200 with a stop below $77,500.
· Shorts can be considered below $77,500 with a target at $74,000.
đ Volatility is compressing â a big move is likely soon. Stay patient and manage risk.
Whatâs your take? Bullish or bearish from here? đ
#BTCâ #Bitcoin #ElliottWave #TradingView #CryptoTrading #BinanceSquare #TechnicalAnalysis
Price is holding above key support at $77,900 after the recent pullback. The 4H chart suggests we're still within a corrective structure, with wave labels indicating a potential complex correction in progress.
đ Key Observations:
· Resistance remains at $80,000â$82,000 â a breakout above this zone could open the door toward $84,000.
· Support sits at $77,900** â a break below would shift focus toward **$76,000 and the $72,000â$74,000 region.
· Elliott Wave labels hint at a W-X-Y or triple-three formation â typical of range-bound consolidation before the next impulsive move.
đ Strategic Outlook:
· Bullish scenario: Clear break above $80,000 with volume could confirm wave (iii) extension toward $84,000+.
· Bearish scenario: Loss of $77,900 increases risk of a deeper retracement toward $74,000â$72,000.
đ§ Plan:
· Wait for a confirmed breakout or breakdown before adding positions.
· Scale into longs only above $80,200 with a stop below $77,500.
· Shorts can be considered below $77,500 with a target at $74,000.
đ Volatility is compressing â a big move is likely soon. Stay patient and manage risk.
Whatâs your take? Bullish or bearish from here? đ
#BTCâ #Bitcoin #ElliottWave #TradingView #CryptoTrading #BinanceSquare #TechnicalAnalysis