Bitcoin
This structure appears to be developing within an ascending channel, potentially completing an ABC correction with a final impulsive move toward the upper trendline. The internal wave count indicates a possible completion of subwave (5) of C near the top.
However, bearish divergence in structure and the sharp nature of the previous impulse suggest caution. Two major outcomes are on the table:
Continuation Scenario: Price breaks above Wave 5, extending the rally in an overthrow move before reversing.
Reversal Scenario: Breakdown from the channel support (~107,000) could drag BTC down toward the broader trendline near 98,000–99,000.
This zone aligns with previous wave B support and could serve as a critical retest area.
Traders should monitor a break below the wave 4 pivot and channel midline as early signs of weakness. A rejection from the current top without higher highs confirms a potential end of the diagonal.
Update: The price action unfolded as expected ✅📈
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