📉 BTCUSDT – Wave 5 Completed, Correction in Progress!
After completing a clear Elliott Wave impulse (1–5), Bitcoin now appears to be entering a complex corrective phase.
The chart shows an emerging ABC pattern that may align with a harmonic XA–BC–D structure, with key Fibonacci confluence zones around:
0.5 retracement: 119,484
0.618 retracement: 117,900
Potential Wave D target: 117K–118K
This correction could offer a buy-the-dip opportunity if BTC holds above the Fibonacci support and shows a strong bullish reaction.
However, if Wave D breaks below the 0.786 zone (around 115K), selling pressure could extend toward the 1.272 extension (around 109K).
📊 Short-term traders: Watch price reactions near 119K–118K.
📈 Long-term investors: Wait for a confirmed reversal signal before entering.
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💬 What do you think? Is this just a healthy pullback before the next impulsive wave, or the start of a deeper correction?
#BTCUSDT #Bitcoin #ElliottWave #CryptoAnalysis #TradingView
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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.