Bitcoin has recently staged a recovery that, at first glance, appears to fit an ABC corrective pattern. The rally pushed toward a key resistance zone, but a sharp rejection suggests that this recovery may now be complete. Traders should remain cautious, as this could mark the beginning of renewed downside pressure.
From an Elliott Wave perspective, there is an alternative scenario to consider. The recent move could be forming a leading diagonal, representing wave A of a larger, higher-degree ABC corrective recovery. This would imply that Bitcoin might still have additional upside potential later on. However, in either case, the short-term outlook favors caution.
Technically, the market now appears poised for at least a three-wave decline. Current projections indicate that this pullback could target the $65K–$60K region, aligning with previous support zones and typical retracement levels after a completed correction.
Traders and investors should closely monitor price action near these levels. Whether Bitcoin confirms a deeper correction or establishes a base for another recovery, the key takeaway is that the rejection at resistance is a warning signal. Short-term weakness seems likely, making careful risk management essential in the coming sessions.
From an Elliott Wave perspective, there is an alternative scenario to consider. The recent move could be forming a leading diagonal, representing wave A of a larger, higher-degree ABC corrective recovery. This would imply that Bitcoin might still have additional upside potential later on. However, in either case, the short-term outlook favors caution.
Technically, the market now appears poised for at least a three-wave decline. Current projections indicate that this pullback could target the $65K–$60K region, aligning with previous support zones and typical retracement levels after a completed correction.
Traders and investors should closely monitor price action near these levels. Whether Bitcoin confirms a deeper correction or establishes a base for another recovery, the key takeaway is that the rejection at resistance is a warning signal. Short-term weakness seems likely, making careful risk management essential in the coming sessions.
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