Bitcoin Short Position Update – June 7, 2025

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Bitcoin Analysis
After a prolonged downtrend, Bitcoin is attempting a temporary rebound in the form of a dead cat bounce. This current upward move appears to be more of a technical rebound within the broader downtrend rather than a strong trend reversal.

From an Elliott Wave structure perspective, the current rebound is being captured as an impulsive wave, which suggests it could either be the final leg of a 5-wave move or the movement just before a corrective phase begins. Based on this view, I am considering entering a short position by targeting the point at which the upward momentum starts to exhaust.

Wave Ratio:
The length of the current 5th wave is approaching 1.618 times the length of the 1st wave, a ratio often observed in overextended wave patterns.

Target Price:
The initial target is set at 104,500, which coincides with the retracement zone of the previous decline and the prior support level.

The current area is considered favorable for a short entry in terms of risk-reward ratio. However, it is crucial to confirm whether the upward wave has truly concluded.
With overbought signals from oscillators and the appearance of a trend-reversal candlestick pattern, a short entry can be considered upon confirmation.