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If this marks the end of the correction, a five-wave impulse should develop in the coming sessions, confirming bullish momentum.
A preliminary relief rally could push BTC toward the 0.382 Fibonacci retracement at $85,848, serving as the first test of resistance. A sustained move above this level would set the stage for a retest of the 0.236 Fibonacci level at $93,676.
Breaking through this zone would indicate a full trend reversal, with BTC potentially reclaiming the $100,000 psychological threshold.
However, failure to establish a higher low above $79,000 would leave BTC vulnerable to deeper losses, potentially targeting $73,196 (0.618 retracement). A confirmed drop below this level would invalidate the bullish wave count, suggesting a prolonged corrective phase.
The RSI on the 1-hour chart shows the first signs of bullish divergence, hinting at a possible local bottom. If momentum builds, BTC could begin an impulsive Wave 5 targeting new highs, aligning with Fibonacci extension levels at $102,245 and $109,211.
Key Levels to Watch
- Immediate Resistance: $85,848 (0.382 Fibonacci retracement)
- Key Resistance: $93,676 (0.236 Fibonacci retracement)
- Major Resistance: $102,245 (0.5 Fibonacci retracement)
- Immediate Support: $79,000 (recent low)
- Critical Support: $73,196 (0.618 Fibonacci retracement)
- Bullish Breakout Target: $109,211 (1.0 Fibonacci extension)
- Invalidation Zone: Below $73,196
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