After testing 87,000 several times yesterday, Bitcoin failed to break out. Today, the outlook still points to a pullback.
A wave: From the high of 87,220 on 10/2 at 20:00, it fell to 83,888, a decline of about 3,332 points.
B wave: It rebounded to 86,999 (10/5 at 08:00), recovering about 93% of the A-wave decline without breaking the previous high—a textbook flat pattern.
C wave (in progress): It has already reached 84,972, close to 0.618 of A at 84,940. The current price is around 85,520.
C-wave target: In a flat pattern, the C wave usually falls to around the A-wave low. The primary target is approximately 83,667, where C equals A (in the 83,667–83,888 range).
If it extends, watch for around 82,761, or 1.272 times A.
Invalidation level: If a 4-hour candle closes above 86,999, the correction is considered over and this wave count is invalidated; the uptrend may have resumed.
Another possibility is that the C wave ended early at 84,972 (a short C). Whether to consider this scenario depends on whether price can first break above 86,100–86,500 on increased volume.
For reference only; this is not investment advice.
A wave: From the high of 87,220 on 10/2 at 20:00, it fell to 83,888, a decline of about 3,332 points.
B wave: It rebounded to 86,999 (10/5 at 08:00), recovering about 93% of the A-wave decline without breaking the previous high—a textbook flat pattern.
C wave (in progress): It has already reached 84,972, close to 0.618 of A at 84,940. The current price is around 85,520.
C-wave target: In a flat pattern, the C wave usually falls to around the A-wave low. The primary target is approximately 83,667, where C equals A (in the 83,667–83,888 range).
If it extends, watch for around 82,761, or 1.272 times A.
Invalidation level: If a 4-hour candle closes above 86,999, the correction is considered over and this wave count is invalidated; the uptrend may have resumed.
Another possibility is that the C wave ended early at 84,972 (a short C). Whether to consider this scenario depends on whether price can first break above 86,100–86,500 on increased volume.
For reference only; this is not investment advice.
