Bitcoin recovered nicely within the projected three-wave ABC corrective rally, reaching and closing near the 67k resistance area. However, the latest rejection and move back below the channel support line suggest that sellers are returning, meaning we should be prepared for another potential move lower.
From the primary count perspective, Bitcoin may now be forming a leading diagonal pattern into wave A/1 of a larger three-wave decline. If this scenario plays out, the current recovery would represent a completed corrective phase, and the next move lower could begin after the recent failure to break through resistance.
However, we also need to keep the secondary bullish count in mind. In this scenario, Bitcoin could still be in the final stages of a larger ABC irregular flat correction, potentially completing a wedge pattern within subwave C of wave (B). A successful completion of this structure could then trigger another move higher into wave (C), targeting the 67k–70k resistance area.
For now, Bitcoin remains in a neutral position as both scenarios are still valid. The key short-term support area to watch is around 61k–60k, where buyers could attempt to stabilize the market. A break below this zone would increase the probability of the bearish scenario, while a strong recovery back above resistance would keep the bullish alternative in play.
Comments
Log in or sign up to join the conversation.