$BTC
Bitcoin shows a clear bearish phase in broader timeframes, with moving averages aligned downward and the price trading below all of them. Currently, the asset seems to be developing an ABC correction according to Elliott's theory: wave A has already completed with a bounce, wave B is in progress correcting part of that impulse towards a possible bullish wave C in the range of 105,300 – 106,000 USDT.
As long as the support at 98,200 USDT remains strong, the structure remains valid for a short-term technical bounce. However, a loss of that level would invalidate the count and could pave the way for a continuation downward, so be aware of that.
Conclusion:
The overall trend remains bearish, but with the probability of a corrective upward impulse if wave C is confirmed.
#Binancelivefutures #CryptoMarket4T
Bitcoin shows a clear bearish phase in broader timeframes, with moving averages aligned downward and the price trading below all of them. Currently, the asset seems to be developing an ABC correction according to Elliott's theory: wave A has already completed with a bounce, wave B is in progress correcting part of that impulse towards a possible bullish wave C in the range of 105,300 – 106,000 USDT.
As long as the support at 98,200 USDT remains strong, the structure remains valid for a short-term technical bounce. However, a loss of that level would invalidate the count and could pave the way for a continuation downward, so be aware of that.
Conclusion:
The overall trend remains bearish, but with the probability of a corrective upward impulse if wave C is confirmed.
#Binancelivefutures #CryptoMarket4T
