📊 Bitcoin Analysis ($BTC BTC) - Hourly Frame - Elliott Theory

🔸 The price has likely completed a descending wave (5) within the corrective wave (A), at a strong support area between:

• 101,171 – 100,593 (Green Box)

🟢 The price response from this area was strong, suggesting the beginning of a corrective wave (B) upwards, which could extend towards the following levels:

• 0.5 = 106,120

• 0.618 = 107,520

• 0.786 = 109,514 (Resistance Area in Brown)

📌 This upward movement may merely be a rebound within a larger correction, so price behavior at this brown resistance should be monitored to determine if a downward wave (C) will begin later.

⚠️ In case of a failed rise, the next support levels to watch are:

• 103,949 (Fibonacci 0.382)

• 102,596 (Fibonacci 0.618)

• 101,632 (Fibonacci 0.786)

✳️ The current scenario shows a classic corrective pattern (A)-(B)-(C), and the market is now in the process of forming wave (B). To confirm the continuation of the rise, the area of 107,500–109,500 must be clearly breached.

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