๐ Short-Term Chart (1H) โ Current Structure
At present, Bitcoin appears to be working through a WXY corrective structure, with wave Y unfolding as an ABC pattern.
Wave C looks impulsive, suggesting a five-wave move down is in play.
Internally, $BTC may now be in wave 3 of C, with a wave 4 bounce and wave 5 decline still to come.
๐งฉ Micro-Level Support & Resistance
Immediate Support: $112,950 (Fibonacci level already touched)
Next Supports: $112,160 โ $111,700 โ $111,170 โ $110,490
Key Resistance to Flip Bullish Again: $115,950
Short-Term Signal Line: $114,500 โ market must stay below this to confirm ongoing C-wave downside.
๐จ What This Means
1. If BTC breaks below August low โ More evidence that the market is in a deeper correction.
2. If BTC holds $111K support โ A low may form, especially if price breaks back above $114,500.
3. Without a clear 5-wave decline, we cannot confirm a major bull market top โ but pressure remains downward until proven otherwise.