🪙💡Update of the current Bitcoin market observations. Critical phase!

Market structure and Elliott Wave analysis: The Bitcoin price is currently showing an exciting dynamic, indicating a potential corrective movement. After the impulsive upward movement, which was repeatedly rejected by the 99,000 USDT level, the market appears to be in a corrective phase. According to the Elliott Wave theory, the B wave may have now reached its peak, and the next phase – the C wave – could be imminent.

Resistance and support levels:

99.000 USDT: This area represents a strong resistance. The price has repeatedly failed to sustainably overcome this level, indicating weakness on the buyer side.

Important support zones: 96,500 USDT, 94,500 USDT, and 92,000 USDT could be potential targets for the C wave in the correction movement.

Possible scenarios:

1. Downward Movement (C-Wave):

If the price falls below 96.500 USDT, this could be the beginning of the impulsive wave C, which could drive the price towards 92.000 USDT or lower.

2. Upward movement:

If the price breaks the 99,000 USDT mark and holds above this level with volume, the correction is likely completed, and we may see a continuation of the upward movement.
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Fibonacci levels as a guide: The Fibonacci retracement zones suggest that a stronger downward movement towards 0.382 (94,500 USDT) or 0.618 (92,000 USDT) is likely if the resistance at 99,000 USDT holds.

Trading recommendation:

Short strategy: For traders looking for a downward momentum, an entry in the 96,500–98,000 USDT range could be interesting, with a target area around 92,000 USDT.

Stop-Loss: Dynamically above 99,000 USDT to hedge against unexpected breakouts.

Conclusion: The Bitcoin market is currently in a critical phase where the decision between the end of the correction and the continuation of the downward movement will be made. However, the repeated rejection at 99,000 USDT suggests that we may be preparing for a stronger correction.

Be cautious and observe the volume development - the market could soon show us a clear direction! 🚀📉
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Note: This is not financial advice. Trade at your own risk.

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