The Bitcoin market continues to test tradersโ patience with choppy, volatile price action. On the daily chart, the bigger picture remains unchanged: we are still within a larger corrective structure, but importantly, the idea that Bitcoin has not yet topped is still valid and remains my preferred scenario.
๐ The Bigger Picture
The move down so far looks like a three-wave structure (AโBโC).
If correct, this suggests Wave A has completed and we are now potentially starting Wave B.
Support has held around the August low near 112K, keeping the larger bullish structure alive
โฑ๏ธ Short-Term Outlook
Recent downside move reacted strongly around 111,600, which aligns with structural support.
If the current bounce continues as a three-wave move, it likely confirms a Wave B rally.
On the other hand, a sharp breakdown below 112,590 would imply five waves down, tilting the bias more bearish in the short term.
