- Evidence suggests wave b has topped, with a potential orange wave 1 downside.
- Critical support at $109,477 could determine the next big move for BTC.
- Resistance zone ($112,220-$112,660) indicates a possible rejection point.
Bitcoin Faces Turning Point in Elliott Wave Pattern
Bitcoin (BTC) is at a critical juncture, with technical analysis suggesting a possible shift in momentum. According to a recent post by More Crypto Online on X, there is growing evidence that wave b of an Elliott Wave pattern may have topped. This analysis, based on a detailed hourly chart, indicates that Bitcoin is attempting to form five waves downward in what could be the start of orange wave 1. The key level to watch is $109,477—should the price remain above this threshold, the bullish “white scenario” remains viable. However, a break below could confirm a bearish turn, aligning with the completion of wave b.
Fibonacci Levels Add Technical Context
The chart highlights a resistance zone between $112,220 and $112,660, where Bitcoin recently faced rejection, reinforcing the likelihood of a corrective phase. Fibonacci levels, including 50%, 61.8%, and 78.6%, provide additional context, with the price currently testing support near $109,477. This setup suggests a potential consolidation or deeper correction, especially if macroeconomic factors like upcoming Federal Reserve rate decisions influence market sentiment.
Altcoins and Wider Market Setups in Play
For traders, this moment offers both opportunity and caution. A drop below $109,477 could signal the start of a more significant downtrend, while a rebound might indicate one last push higher. The broader crypto market, including altcoins, may also feel the ripple effects, with liquidity and political developments potentially impacting an altseason. As always, staying updated with real-time data and key levels will be crucial in navigating this volatile period.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
