- Bitcoin holds yellow trendline support at $93K during quiet MLK holiday trading, resisting wave v downside.
- Elliott Wave v unfolds as ABC correction without wave iv top confirmation—consolidation likely before breakout.
- $96K-$101K resistance caps upside; $78K or $65K downside targets await trendline break failure.
The ever-volatile world of cryptocurrency, Bitcoin ($BTC) continues to captivate traders and investors with its technical patterns. The leading digital asset is trading around the $93,000 mark, holding steadfast above a critical yellow trendline identified by prominent analyst More Crypto Online. This support level, visible on daily charts, has become a focal point amid broader market uncertainty, especially with U.S. stock markets closed for the Martin Luther King Jr. holiday, dampening potential volatility.
More Crypto Online, a respected Elliott Wave theorist with over 300,000 YouTube subscribers, shared a detailed chart analysis on X (formerly Twitter), highlighting Bitcoin’s position within a larger wave structure. According to the post, the cryptocurrency is navigating wave v, expected to manifest as an ABC corrective pattern. This comes after a three-wave downward move that has yet to provide formal confirmation that wave iv has peaked. “The price is currently holding above the yellow trendline,” the analyst noted, adding, “I don’t think we will see a break below the trendline today, because the stock market is closed.”
Elliott Wave v Structure
Elliott Wave Theory, a popular technical analysis framework, posits that market prices unfold in repetitive wave patterns driven by investor psychology. In this context, wave iv represents a corrective phase following an impulsive advance, often characterized by complex retracements. The chart annotations reveal Fibonacci retracement levels—key ratios like 38.2%, 50%, and 61.8%—mapping potential support and resistance zones. Bitcoin’s recent dip from highs near $132,000 in late 2025 aligns with a broader B-wave support around $82,000-$87,000, while upside resistance clusters at $96,000-$101,000.
This setup implies a period of consolidation, where Bitcoin could oscillate within a range before resolving higher or lower. Bulls remain hopeful that maintaining the trendline could propel wave v upward, potentially targeting $110,000 or beyond if bullish momentum returns. However, a break below could invalidate the optimistic count, inviting deeper corrections toward $78,000 or even $65,000, as indicated by extended Fibonacci extensions.
Bullish Resolution Path
Market participants should monitor external factors, including macroeconomic indicators and regulatory developments. With Bitcoin’s halving cycles historically influencing long-term trends, this corrective phase might set the stage for the next parabolic run. Yet, as More Crypto Online cautions, resistance is “doing its job for now,” urging caution amid the lack of confirmation.
Traders are advised to employ risk management strategies, such as stop-losses below key supports, while investors might view dips as accumulation opportunities. As the crypto market evolves, analyses like this underscore the importance of technical discipline in navigating Bitcoin’s waves.
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.
