🔹 Bitcoin ($BTC ) 🔹

📍 Current Status:

BTC bounced after CPI data release

Trading near $115,313 at time of update

Move aligns with B-wave bounce scenario from prior analysis

Price testing key CME gap area — not fully closed yet

📊 Key Levels to Watch:

Resistance Zone: $120,198 – $121,835 (unchanged from previous analysis)

Golden Ratio Resistance: Around prior swing high (yesterday’s top)

Support: Unchanged from last update (watch for gap close risk)

📈 Scenarios:

B-wave Continuation: Likely unless rally develops into a clear 5-wave move → would suggest wave four bottom already in and next leg up underway

Sideways Consolidation Favored: Based on Elliott Wave alternation guideline — wave four expected to be sideways after sharp wave two in Aug 5 move

Bearish Setup: Failure at resistance → 5 waves down could signal start of C-wave decline

💡 Market Takeaway:

BTC is showing healthy upside momentum post-CPI, but the $120K–$121.8K resistance zone is critical. A decisive 5-wave breakout above could confirm the low is in and open the door for the next major rally. Until then, structure suggests a B-wave bounce within a larger wave four.

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