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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Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.