🔹 Current Market Context:
Bitcoin recently rallied above $70K, but faced resistance and is now consolidating. Both whales and miners have been seen selling, indicating a potential local top.
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✅ Wave Count (Possible Interpretation):
🟩 Primary Wave 1 to 5 (Impulse Structure):
1. Wave 1 – BTC bottomed out (e.g., $25K range).
2. Wave 2 – Retraced back to around $30K-$32K.
3. Wave 3 – Strong breakout, pushing BTC above $65K+ (high volume).
4. Wave 4 – Ongoing correction / consolidation (~$62K-$67K zone).
5. Wave 5 – Yet to begin. If it plays out, it could push BTC toward $75K-$80K range.
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🔻 Corrective ABC Pattern Possibility:
If the current rally fails and breaks below key support:
A wave down to ~$60K.
B wave bounce up to ~$65K.
C wave drop to ~$52K-$55K.
(This would signal a deeper correction before the next major impulse.)
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📌 Key Levels to Watch:
Support: $62K, $60K, $56K
Resistance: $70K, $72.5K, $75K
Invalidation of bullish wave: drop below $56K with high volume.
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🧠 Summary:
Bitcoin may currently be in Wave 4 of a bullish Elliott cycle.
A breakout above $70K+ with strong volume may signal Wave 5 beginning.
However, heavy selling from miners and whales could lead to a corrective ABC pattern first.#BTCvsETH #ETHBreaks3700 #StablecoinLaw #NFTMarketWatch #StrategyBTCPurchase $BTC $ETH $XRP
