On the 2-hour timeframe, Bitcoin is showing signs of distribution around its All-Time High (ATH).
- ⚡Market Structure: The main trend is technically still bullish, but we are seeing a significant slowdown in momentum. The price is currently stuck in the Supply Zone (grey box above) in the 74,000-75,500 range.
- ⚡Price Action: A small Double Top or consolidation range is forming at the top. The emergence of several candles with long upper wicks indicates strong selling pressure (profit-taking) above the 74,000 level.
✅ Key Zones:
- Resistance: 75,300 (ATH/Major Supply Area)
- Support: 71,200 (Minor Demand/BOS Level)
✅ Elliott Wave Analysis
If we map this movement using the Elliott wave cycle:
- ⚡Wave Structure: The impulsive rise from the 60,000 area appears to be completing Wave 5 of a major cycle.
- ⚡Current Status: The price of 74,086.50 is likely at the end of a sub-wave of Wave 5. In theory, after Wave 5 ends, the market will enter a Corrective Wave (A-B-C) phase.
- ⚡Projection: There is a risk of a fairly deep corrective decline as Wave A heads towards the psychological support area in the 68,000-70,000 range before attempting to find a new direction.
The main bias for BTCUSD is currently NEUTRAL, tending to BEARISH in the short term. Although the major trend remains up, entering a Buy at the current price of 74,000+ carries a very high risk of a drawdown as the price is currently in the "expensive" area (Premium Zone).
- ⚡Market Structure: The main trend is technically still bullish, but we are seeing a significant slowdown in momentum. The price is currently stuck in the Supply Zone (grey box above) in the 74,000-75,500 range.
- ⚡Price Action: A small Double Top or consolidation range is forming at the top. The emergence of several candles with long upper wicks indicates strong selling pressure (profit-taking) above the 74,000 level.
✅ Key Zones:
- Resistance: 75,300 (ATH/Major Supply Area)
- Support: 71,200 (Minor Demand/BOS Level)
✅ Elliott Wave Analysis
If we map this movement using the Elliott wave cycle:
- ⚡Wave Structure: The impulsive rise from the 60,000 area appears to be completing Wave 5 of a major cycle.
- ⚡Current Status: The price of 74,086.50 is likely at the end of a sub-wave of Wave 5. In theory, after Wave 5 ends, the market will enter a Corrective Wave (A-B-C) phase.
- ⚡Projection: There is a risk of a fairly deep corrective decline as Wave A heads towards the psychological support area in the 68,000-70,000 range before attempting to find a new direction.
The main bias for BTCUSD is currently NEUTRAL, tending to BEARISH in the short term. Although the major trend remains up, entering a Buy at the current price of 74,000+ carries a very high risk of a drawdown as the price is currently in the "expensive" area (Premium Zone).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.