📉BTC/USD 1D: Bitcoin has bounced today, but there is still nothing that allows me to rule out the orange scenario, which has been the preferred interpretation for the last 2-3 weeks. In that scenario, price was expected to move into the resistance area between 92,588 USD and 101,057 USD. Bitcoin has reached that zone, and we are now watching how the market reacts to it.
The chart is forming higher highs, with each small push upward creating a marginal new high. We are also printing higher lows, yet the price action is overlapping and slow, which is typical for a corrective structure. What we do not have is an upside impulse. We do not have a 5 wave move up yet.
Until Bitcoin either breaks above 101,057 USD or completes all five waves in yellow within a leading diagonal pattern (because this cannot be a standard impulse), the orange scenario remains the dominant one. In that scenario, one more low remains very likely, at least until resistance is broken.
In short, one more low remains on the table until Bitcoin can decisively break above the resistance zone.$BTC
BTCUSDT
Perp
92,286.1
-0.52%
ETHUSDT
Perp
3,333.14
+0.21%
SOLUSDT
Perp
136.81
-1.49%