- Bitcoin is right now at $86,179 and traders are listening for its next major movement.
- It may be the case that Bitcoin will set its sight on $92,849 very fast if it is able to breach the $86,845 mark.
- Next, it may plunge down to $81,572 pretty quickly if Bitcoin falls down past $83,846.
Currently, Bitcoin is trapped in a very intricate technical background, with price action being almost always at around $86,179 today, which represents a decrease of 0.59% from the last session. The 30 minutes chart shows a systematic Elliott Wave counting with many corrective waves being formed within a descending wedge. It seems that Bitcoin will upcoming conclude its wave correction, and the price support area could place around $81,572 if price action extends in the current direction. Conversely, a strong breakout above resistance near $86,700-$87,000 will be confirmation of momentum shift toward $92,758 and beyond.
The Elliott Wave Structure Predicts Reversal Possibility
The structure of the price action in Bitcoin depicts a five-wave impulsive formation, followed by a corrective ABC, which takes place within a wedge formation. Presently, the 0.618 Fibonacci retracement level is situated around the resistance zone level of $86,845, where the sellers are actively standing in defense at the region. If this level is successfully breached, bullish momentum might ignite, while failing to reclaim this level would extend the ongoing corrective phase. The annotation on the chart indicating that, “more time is needed to let this develop,” seems to be keeping the market in an expectant mood.
The first risk of to-the-downside is the 0.786 Fibonacci retracement level placed at $83,846 and corresponds to the lower limit of the current price structure. In this event that Bitcoin fails to retain this area, the next target sits at about $81,572, an important support area where buyers may want to step in. Upside potential will continue to grow if price reclaim $86,845 and beyond that above $87,500.
Waiting on the Market for Confirmation towards Next Major Move
Bitcoin consolidation means all clear validation is awaited to make a stronger directional push. If bulls can break out of this corrective price action, it seems the next wave could take Bitcoin up to $94,825 over the near term. On the other hand, failure to keep above $83,846 brings further volatility into the market and paves bullish grounds for retesting lower supports. Market remains at important junction, with both bull and bearish sides waiting for confirmation before their next major moves.
