Bitcoin is currently trading around $107,500, pressing against the upper boundary of a rising wedge on the 1H and 4H charts. The structure remains fragile, with weakening momentum and conflicting signals between short and mid-term indicators.
📌 Scenario 1 – Bearish:
The current move likely completes wave (b) of an ABC correction.
Price has reached ~0.735 retracement at $108,358.
Breakdown of wedge support (~$104,600) could activate wave (c) toward $101K–$98K, or even the 1.618 extension to $86,000 (seen on daily).
📈 Scenario 2 – Bullish Alternate:
If BTC breaks and closes above $108,500, with volume, we may have invalidation of wave (b).
This opens the door for a wave (5) extension toward $113,000.
🔍 Key Indicators:
RSI on 1H is weakening, under 50.
OBV is flat – no accumulation spike.
QQE shows Buy signals but lacks follow-through.
Volume remains unconvincing for continuation.
🎯 Conclusion:
BTC is at a make-or-break level. A clean breakout and retest above $108.5K flips the structure bullish. Until then, wedge breakdown is the higher-probability play. Watch the $104.6K zone closely for direction confirmation.
📌 Scenario 1 – Bearish:
The current move likely completes wave (b) of an ABC correction.
Price has reached ~0.735 retracement at $108,358.
Breakdown of wedge support (~$104,600) could activate wave (c) toward $101K–$98K, or even the 1.618 extension to $86,000 (seen on daily).
📈 Scenario 2 – Bullish Alternate:
If BTC breaks and closes above $108,500, with volume, we may have invalidation of wave (b).
This opens the door for a wave (5) extension toward $113,000.
🔍 Key Indicators:
RSI on 1H is weakening, under 50.
OBV is flat – no accumulation spike.
QQE shows Buy signals but lacks follow-through.
Volume remains unconvincing for continuation.
🎯 Conclusion:
BTC is at a make-or-break level. A clean breakout and retest above $108.5K flips the structure bullish. Until then, wedge breakdown is the higher-probability play. Watch the $104.6K zone closely for direction confirmation.
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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.
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.