This picture is highly suspect for and end of Grand Wave 5. This is a speculation only as confirmatory levels have not yet been crossed. Yet, we have an constellation of highly suggestive factors. These are momentum divergence (one) on the RSX and RSI (not shown) with Fib extension of 2.414, which we often see in cyclical finishes, second only to a 2.618 if no subdivisions are obvious. Plus, stochastic and volatility indicators are maxed out, suggesting a reversal. We like the nice Fibonacci cluster at 0.5/0.236 between the two cycles. We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in green or purple with invalidation in red. Confirmation level, where relevant, is a pink dotted, finite line. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Professionally, we are big fans of any indicators from Jurik, De Mark and Ehlers, which we use in addendum in analysis prior to putting down positions. Trading is a true one man sport. No single confluence of indicators is truly good enough, and a professional trader's sense must be developed through a lot of hard work and over a significant period of time. Good luck out there and stay safe.
Trend Analysis: * BTC/USD is trading within a rising wedge pattern, with the current price moving closer to the lower trendline. The rising wedge suggests a potential bearish breakout if the lower support fails. * Momentum has slowed down as the price consolidates below recent highs around $108,364. Key Levels: * Resistance: * $108,364 (Previous swing high and psychological resistance). * $100,000 (Psychological resistance and round number). * Support: * $93,000–$92,500 (Immediate support and lower wedge trendline). * $85,000 (Key support area and mid-range Fibonacci level). * $58,707 (Major historical support). MACD Analysis: * The MACD histogram is in negative territory, with a bearish crossover indicating a loss of bullish momentum. * Momentum is favoring the downside as the signal lines continue to diverge. Volume Analysis: * Volume has decreased during the current consolidation, suggesting weakening interest at these levels. A break below the lower wedge trendline could trigger a surge in selling activity. Scenarios: 1. Bullish Scenario: * BTC/USD holds the $93,000 support and breaks above $100,000 with strong volume. * Next target: $108,364, followed by the upper wedge trendline near $120,000. 2. Bearish Scenario: * A break below $92,500 triggers selling pressure. * Key downside target: $85,000, with potential to extend to $58,707 if bearish momentum accelerates. Outlook: * Neutral to Bearish bias in the short term, as momentum and volume favor downside. * A decisive breakout or breakdown from the wedge pattern will dictate the next directional move. Actionable Insights: * Traders: Monitor the $93,000 level closely for a potential breakdown or bounce. * Long-term Investors: Consider scaling in at support zones if BTC approaches $85,000 or lower. * Stop-Loss: Set below $91,000 for bullish trades to minimize risk. Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always conduct your own research and manage risk appropriately. Would you like an intraday analysis or other timeframe insights for BTC/USD?
?#BTC short structure established✔️ ?From the 4h level, we fell below the turning point 91512, so a short structure was constructed, and the expectation of further decline was established. But we are currently in the weekly support area, don't be too bearish, the scenario I most hope to see is to fall below LL: 90759, and then start to rebound and then enter a deep adjustment phase. ➡️The long orders involved yesterday have been closed with profits. Without the reversal structure as support, we can't be too greedy. ➡️Whether it meets expectations, we need to see step by step? ?If you like my analysis, please like? and share? BITGET:BTCUSDT.P
Note, a Wedge is forming down..there is a final throwover down,which is the last wave down...marked by the yellow circle...after this expect price to shoot up to the tgt mentioned on the chart...Please see the chart for finer details..as charts say a thousand words..This is based on Wedge pattern...Note the price reverse will be fast and furious
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