🚀 Bitcoin Market Update – August 16
📊 Current Setup
$BTC consolidating just above 61.8% Fib retracement at $116,930.
Trading range: Resistance → $120,640 – $121,450 | Support → $114,470.
Short-term: Yellow scenario preferred (5-wave move up + ABC correction).
🔑 Key Levels
Main Support: $114,470 (must hold).
Fib Support: $116,930.
B-Wave Target: $120,640 – $121,450.
Risk Zone: Break below $114,470 = warning for deeper correction.
⚠️ Scenarios
Yellow Count (preferred): Wave 1 up, ABC correction ongoing. Bwave bounce → Cwave pullback → Higher low → Rally.
White Count: Direct rally to new highs possible if BTC holds above $116,930 and pushes impulsively higher.
💡 Takeaway
No evidence of a market top yet. Focus remains bullish while above $114,470. Watch for a Bwave rally confirmation this week.
