Wave Structure Outlook
Bitcoin is currently trading near $119,300, where the wave structure suggests a possible Ending Diagonal formation. This leaves us with two bearish scenarios to monitor:
Scenario 1 – Immediate Downside After 1-5 Completion
The 1-5 wave sequence may already be completed.
If so, the market could trigger an immediate downside move, breaking wedge support.
First critical level is $117,600. A clean break below this level would confirm the start of a deeper correction, opening the way toward $115,000 – $113,000.
Scenario 2 – Choppy Ending Diagonal (Light Red Arrows)
Alternatively, BTC may still extend within an Ending Diagonal.
This would mean choppy, back-and-forth price action (small up-and-down moves) before the final breakdown.
In this case, price may retest the $119,800 – $120,000 zone, but the structure remains corrective, and the eventual expectation is still bearish reversal.
Key Levels to Watch
Resistance: $119,800 – $120,000 (upper wedge boundary)
Support: $117,600 (first breakdown level)
Bearish Targets: $115,000 → $113,000
Conclusion
BTC is losing momentum at the end of a 5-wave structure. Whether the market follows Scenario 1 (immediate breakdown) or Scenario 2 (choppy diagonal ending before reversal), the overall outlook is bearish in the short term.
