Key Insights
- Wave 4 bottom has been verified near significant Fibonacci support.
- The breakout from the falling wedge indicates a bullish trend.
- Wave (iii) is currently unfolding, with a target of $102,245.
Bitcoin is exhibiting strong recovery momentum after a consolidation phase.
The 4-hour chart suggests a completion of a corrective wave, preparing BTC for a potential upward impulsive move.
Meanwhile, the 1-hour chart indicates a developing five-wave structure, signaling the continuation of bullish momentum in the near term.
BTC Price Overview
The 4-hour BTC chart reveals a clear Elliott Wave framework. The asset has finalized a corrective Wave 4 at a crucial Fibonacci retracement level.
This correction found support near the 0.236 Fibonacci retracement at $93,676 before reversing direction. The structure implies that BTC is now entering the early phases of Wave 5, potentially driving prices higher.
BTC had recently peaked at approximately $106,328 in Wave 3 prior to an ABC corrective pullback. The wave count corresponds with a standard Elliott Wave model, where Wave 4 has been confirmed through a downward ABC pattern, establishing a bottom at a critical horizontal support zone.
Furthermore, the breakout from the falling wedge pattern reinforces the shift in momentum.
The Relative Strength Index (RSI) is recovering from oversold conditions, indicating that buying interest is resurging. BTC must maintain levels above $95,207 to solidify its breakout structure, ensuring that Wave 5 remains valid.
Should bullish momentum hold, a significant level to watch is $102,245, which aligns with prior price resistance.
If market conditions stay favorable, BTC might aim to retest its all-time high of $106,328.
BTC Price Forecast
On the 1-hour chart, BTC seems to be in the initial stages of a five-wave impulsive sequence within Wave 5.
The structure implies that BTC has completed sub-wave (i) and is likely to face a minor corrective pullback for sub-wave (ii).
If the impulsive structure continues, BTC could move towards the previous peak of $102,245 as the next significant resistance area.
The Fibonacci retracement for sub-wave (ii) indicates support around $95,207, which is crucial for BTC to maintain its upward movement, as this would signify a successful retest of the broken descending resistance.
If this level holds, sub-wave (iii) could propel BTC towards $100,000, followed by a minor pullback in sub-wave (iv) before attempting to breach $102,245.
The RSI is gradually approaching overbought territory, which may signal short-term resistance ahead of further gains.
If BTC maintains its momentum, a complete five-wave structure could exceed $106,000, aligning with Fibonacci extension targets.
However, if BTC loses its momentum and falls below $93,676, this could invalidate the bullish scenario, potentially leading to a deeper correction.
Crucial Levels to Monitor
- Immediate Support: $95,207 (Wave (ii) Fibonacci retracement).
- Key Support: $93,676 (0.236 Fibonacci retracement).
- Immediate Resistance: $100,000 (psychological level).
- Major Resistance: $102,245 (Wave (iii) target).
- Short-Term Target for Wave (v): $106,328 if bullish momentum continues.
- Invalidation Zone: Below $93,676, indicating potential downside risks.
Bitcoin’s prevailing structure hints at a possible bullish continuation, yet traders should keep an eye on key Fibonacci retracement levels to validate the momentum.
If BTC upholds its wave structure, it may be on the verge of new highs in the upcoming sessions.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Was this Article helpful?
