This chart presents an Elliott Wave analysis of Bitcoin (BTC/USD) on a 4-hour timeframe, shared by Wave Count Pro. The pattern shows a complex corrective structure unfolding within a well-defined channel, with key turning points labeled as A, B, C, D, and a projected E.
Currently, price action is approaching a critical decision zone around $117,211.36. The analysis suggests two potential scenarios:
Bullish Breakout: If the price breaks above the $117,211.36 resistance, it could trigger a strong bullish move toward the upper trendline, targeting around $140,218.55 (labeled as point E).
Bearish Rejection: A failure to break above this level could lead to a pullback toward the lower boundary of the channel, possibly completing a wave (e) before a potential rally.
Key Levels:
Buy Above: $117,211.36
Sell Below: $113,966.84
WaveCount Pro
Gautam Khanna
