Bitcoin (BTC) Market Update – Short-Term Correction in Play
Bitcoin is currently under short-term selling pressure, likely unfolding in a wave C down scenario following an A-B-C corrective pattern. The move from the May 12 high appears to be evolving as a 5-wave structure within wave C, suggesting continued downside is likely unless key resistance levels are broken.
Technical Outlook (Short-Term - Intraday to 1D):
Wave Structure: We are likely in a wave C down after completing wave B. This wave C may still be in the middle of a 3rd wave of a 5-wave impulse.
Current Bias: Bearish (as long as price remains below resistance)
Key Levels to Watch:
Resistance Zone:
$102,572 – $102,827: Crucial micro resistance
A breakout above $102,827 would invalidate the current bearish structure and could point to a larger corrective B-wave forming.
Support Levels:
$101,638: Key support for potential bullish yellow count
$100,754: Invalidation point for bullish scenario
$100,040: 100% Fib extension target and ideal downside target
Trade Setup (Short-Term Position)
Entry: $102,200 (if retested and rejected from resistance)
Stop Loss: $102,850 (above micro resistance zone)
Target 1: $101,000
Target 2: $100,040 (Fib extension)
> Note: A breakout above $102,827 and especially $105,000 would flip bias to bullish with potential upside target of $109,000.
Conclusion:
Bitcoin appears to be in a consolidation with a downward tilt. The 5-wave structure in wave C suggests further downside is likely unless $102.8K is broken convincingly. Caution is advised as this is a short-term setup and may not affect the broader bullish trend on higher timeframes.