Good Analysis I also open short BTC till 117078.8 and then open long tight 129k

💹 Bitcoin ($BTC ) Short-Term Update 💹

BTC is still tracking a 5-wave move up from the Aug 2 low, with Wave 4 likely completed and Wave 5 in progress — potentially forming as an ABC structure within a diagonal.

📍 Key Support Levels:

Wave 5 Pullback Zone: $116,990 – $118,870 (78.6% – 38.2% retracement)

Critical Support: $116,440 (break below = deeper pullback in Wave 2 likely)

📍 Key Resistance Levels:

Immediate Resistance Zone: $120,050 – $121,050

Bullish Escalation Trigger: $121,000+ (decisive break = possible direct extension into 3rd of 3rd wave)

📊 Scenarios:

Base Case: Hold above $116,990 → set up for Wave C push toward 61.8% Fib extension (ideal Wave 5 target).

Bearish Pullback: Break below $116,440 → likely start of deeper Wave 2 retracement.

Bullish Extension: Break & hold above $121,000 → skip deeper Wave 2, continue in extended bullish impulse.

💡 Summary:

Watching $116,990–$118,870 for support in pullbacks.

$121,000+ = strong bullish breakout signal.

$116,440 = invalidation for short-term bullish wave count.

#BTC #Bitcoin #Crypto #ElliottWave #PriceAction #BinanceSquare