$BTC on the 1H timeframe is showing mixed signals โ and the big question remains:
๐ Has a local low really formed, or is more downside ahead?
๐น Key Observations
Current bounce from the August low looks weak & corrective, not impulsive.
Break above the local trendline = โ but not decisive yet.
Next key level: $115,950. A move above that brings 116Kโ120K into play.
๐น Elliott Wave View
Possible A-B-C structure:
A-wave down โ
B-wave bounce (unfolding?)
C-wave down (still possible)
For a bullish case โ Need a clear 5-wave impulse up.
Current bounce = overlapping, corrective.
๐น On-Chain Resistance
CryptoQuant data shows clusters between 116Kโ120K where many BTC were moved.
โก๏ธ This creates strong on-chain resistance, lining up perfectly with the Elliott Wave outlook.
