Hello and welcome to another updated article about Bitcoin. Today, we're taking a quick look at the intraday price action. While there hasn't been much change since the last update, there is a slight upside on the chart. Overall, Bitcoin is still ranging, with intraday price movements providing some insights.
Key Observations
- Wave 2 Support Area:
- The price reacted to the previously communicated Wave 2 support area.
- Adjustments have been made to the color scheme to maintain consistency with the overall pattern, following the white count.
- Wave 4 and C-Wave:
- The larger Wave 4 structure is in focus.
- There could be ongoing development of the C-wave, but the market needs to overcome a key pivot to confirm this.
- For detailed daily chart analysis, refer to the previous update, with more to come tomorrow.
- Potential Upside Movement:
- An initial five-wave rally from the June 24th low suggests a potential C-wave to the upside.
- Although not a strong long trade setup, it indicates a short-term bullish opportunity as long as support holds.
- Support and Resistance Levels:
- Current support levels are holding, pushing the market higher.
- Key targets include the 100% extension of the C-wave and the standard resistance area for Wave 4, between $62,626 and $65,335.
- The 100% extension points towards $64,500, overlapping with the 50% retracement level, providing potential resistance.
- Trend Lines and FIB Levels:
- Several descending trend lines, though not highly relevant, could act as breakout points.
- FIB levels are critical, especially since the price action is corrective.
- If the B-wave bottomed on June 28th isn't final, a new low is possible if the intraday low of $60,706 breaks.
- Potential Bearish Scenario:
- A break below the intraday low invalidates the white microstructure, shifting control to the yellow wave count.
- This could lead to a move towards $59,043, depending on where the yellow B-wave tops.
- Despite a potential short-term bearish count, support could still be found, leading to a larger C-wave later.
- Next Steps:
- As long as the intraday low holds, higher movements are expected.
- For Wave 3 in white, the target is $62,355, the 1.38 extension.
- Only after reaching this target can a support area for Wave 4 be defined, with the fifth wave potentially pushing higher.
- Monitoring for signs of a top in place is crucial, as a break below the intraday low would alter the structure.
Overall, Bitcoin's price is showing range-bound movement with slow price changes across the board. Let's see if this changes next week, and we'll continue to monitor and update on potential structures and key levels.
Tags:
BITCOIN GRAPH