BTC is currently around $63,384. Price is moving sideways after the previous drop, but this still looks more like a corrective pause than a confirmed reversal.
The way I’m reading it:
Wave A already gave the first strong drop.
Wave B gave the recovery bounce.
Now Wave C still has room to continue lower.
Inside this current structure, BTC looks like it may be forming a smaller corrective bounce before the next downside leg. If BTC cannot break above the local resistance area around $67,000 to $70,000, then the next move can still be lower.
The main downside zone I’m watching is around $48,500 to $42,500. If Wave C extends fully, BTC can even move toward the $42,000 to $39,000 area before a stronger reversal.
For this bearish Elliott Wave count to become weak, BTC needs to reclaim the upper invalidation area around $82,700 with strength. Until then, I’m not treating small bounces as a full trend reversal.
So for now, my view is simple: BTC can still bounce short term, but unless bulls reclaim $67k to $70k strongly, the bigger correction toward $48.5k to $
42.5k remains possible.
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