Bitcoin dropped hard yesterday, throwing a wrench into the expected climb toward the top of green wave B. This bounce was supposed to stretch into the upper blue Target Zone between $117,553 and $130,891, which we flagged as a smart area to take partial profits or layer in short hedges. That zone still stands—BTC just isn’t ready to hit it yet. The current pullback suggests we’ll see more sideways-to-lower price action before green wave B wraps up. Once it does, green wave C should drag Bitcoin into the lower blue Target Zone between $62,395 and $51,323. That’s where we’re looking for orange wave a to complete. After that, a countertrend rally in wave b could pop up—before wave c wraps the entire corrective cycle and finishes blue wave (ii). We’re also watching an alt.(i) breakout scenario (30% probability). In that case, BTC would blow through the $130,891 level early, bypassing the expected dip and reaching new highs faster than projected.
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📊 Free daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
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🚀 Spot trends early with momentum, sentiment & price structure
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.