No Clear Signal That Bitcoin Has Finished Dropping!

Mar 24

BTCUSD on the weekly timeframe appears to have completed a 5-wave impulse at the top, and is now moving into an ABC corrective phase. Wave A seems to be already in place, and BTC is currently trying to bounce into wave B. However, this bounce looks more corrective in nature rather than impulsive, so it’s not strong enough yet to signal the start of a new uptrend. The broader structure still points toward the possibility of a deeper pullback.

The key level to keep an eye on is around 60,000, which lines up with the 200 EMA and could act as support. A short-term reaction or bounce from this area is possible, potentially forming wave B. That said, unless Bitcoin manages to break above and sustain itself beyond the marked resistance zone, this move should be viewed as a relief rally rather than a true reversal.

Once wave B is complete, another move lower (wave C) is likely. This could take BTC down into the 50,000 - 52,000 range before the correction fully plays out. A strong breakout above the wave B resistance level would invalidate this bearish outlook and suggest a shift back toward bullish momentum.

We will update with further information soon.
By BrightRally_Research

Apr 27

Trade closed: target reached

Price reached fibonacci level of 79,038. This level is a crucial resistance for the bears.


We will update with further information soon.