Bitcoin – Updated Trading Scenario
BTC followed the expected move by testing the 117,000 zone before turning lower, but it did not align with the anticipated ABC correction under Elliott Wave. At present, price is showing signs of slipping below the 114,700 support, suggesting that the corrective phase may not have ended at the previous wave 5 low.
Based on Dow Theory, the ongoing decline could extend towards the 113,000 area before the market sees a stronger rebound. A descending channel has now formed, and price is reacting well to the upper trendlines, reflecting that short-side pressure remains dominant.
In this context, prioritising short positions in line with the prevailing downtrend may improve the probability of success. The next major target lies near 110,000, where strong resistance clusters from higher timeframes converge.
For short-term traders, it is possible to take advantage of pullbacks towards the channel trendlines to look for quick entries following the main direction. Risk management is key here, and traders should avoid rushing into longs while the corrective leg is still in play.
A downtrend often lasts longer than expected, but once selling pressure fades, the recovery phase can be sharp. Patience and discipline are essential to capture the right opportunity rather than fighting against the flow.
#BTCUSD #Bitcoin #CryptoAnalysis #TechnicalAnalysis #PriceAction #ElliottWave #MACD #CryptoTrading #ForexIndia
BTC followed the expected move by testing the 117,000 zone before turning lower, but it did not align with the anticipated ABC correction under Elliott Wave. At present, price is showing signs of slipping below the 114,700 support, suggesting that the corrective phase may not have ended at the previous wave 5 low.
Based on Dow Theory, the ongoing decline could extend towards the 113,000 area before the market sees a stronger rebound. A descending channel has now formed, and price is reacting well to the upper trendlines, reflecting that short-side pressure remains dominant.
In this context, prioritising short positions in line with the prevailing downtrend may improve the probability of success. The next major target lies near 110,000, where strong resistance clusters from higher timeframes converge.
For short-term traders, it is possible to take advantage of pullbacks towards the channel trendlines to look for quick entries following the main direction. Risk management is key here, and traders should avoid rushing into longs while the corrective leg is still in play.
A downtrend often lasts longer than expected, but once selling pressure fades, the recovery phase can be sharp. Patience and discipline are essential to capture the right opportunity rather than fighting against the flow.
#BTCUSD #Bitcoin #CryptoAnalysis #TechnicalAnalysis #PriceAction #ElliottWave #MACD #CryptoTrading #ForexIndia
🔥 BrianLionCapital – Where Top Traders Unite
✅ Accurate signals & exclusive analysis: 10–15 signals daily with continuous market insights
⏳ Every minute you hesitate is a winning opportunity slipping away!
t.me/+jqCSSdKGm7YyMGZl
✅ Accurate signals & exclusive analysis: 10–15 signals daily with continuous market insights
⏳ Every minute you hesitate is a winning opportunity slipping away!
t.me/+jqCSSdKGm7YyMGZl
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.
🔥 BrianLionCapital – Where Top Traders Unite
✅ Accurate signals & exclusive analysis: 10–15 signals daily with continuous market insights
⏳ Every minute you hesitate is a winning opportunity slipping away!
t.me/+jqCSSdKGm7YyMGZl
✅ Accurate signals & exclusive analysis: 10–15 signals daily with continuous market insights
⏳ Every minute you hesitate is a winning opportunity slipping away!
t.me/+jqCSSdKGm7YyMGZl
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.