BTC Short-Term Bearish Outlook

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The price appears to be forming Major Wave 5, which is part of Cyclical Wave 3 on the higher time frame. Currently, we anticipate the price is completing Wave [iv], after which it is expected to move upward, breaking the recent high to form Wave [v] of Wave 3. Following this, a corrective Wave 4 is likely to occur, targeting lower levels.

According to Elliott Wave theory, Wave 4 often retraces to the range of the prior Wave 4 of a lower degree in the recent structure. Based on this guideline, our potential targets are as follows:

Targets of wave [iv]:

1st target 87,358
2nd target 83,00
3rd target 78,900

Targets of wave 4:

1st taget 89,200
2nd target 83,485
3rd Taget 78,468

By El- Sayed Owaidy, CETA, CFTe
Founder of The Egyptian Academy for Elliot Wave “EAEW”

٦ ديسمبر ٢٠٢٤

تم فتح الصفقة

BTC is still in the process of forming wave 4. After breaking the recent high and reaching the 103,600 level, which appears to represent wave B of wave 4, it is expected that the price is now developing wave C of wave 4 within a flat formation. If this holds true, we anticipate a downward movement in five declining waves, potentially testing the low at 90,800 or finding support within the previous wave (iv) range of 89,200–87,358.

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أغلقت الصفقة: تم الوصول للهدف

As anticipated, the price retraced to 90,754, marking wave A of the running expanded flat within the range of the previous wave 4. Following the completion of the ABC formation, we reached the first target of wave 5.