📊#BTC reaches support zone✔️
🧠From a structural perspective, falling below the neckline means that a larger short structure has emerged, and the overall trend direction is biased towards the short side. A break below the bullish defense level at the 4-hour level means we have swept the liquidity pools, so a strong rebound is reasonable. There are two resistances we can see at present. One is resistance near the neckline 57093, and the other is strong resistance near the turning point 58250.
➡️From the perspective of wave theory, we can clearly see an Elliott pulse wave. Wave 5 stops exactly in the support zone, so it is also expected to rebound.
➡️But the overall direction is biased towards the downward trend. If we want to reverse this trend, we need to build a long structure above the hourly level near the support area. Otherwise, don’t be too optimistic.
Let’s see 👀
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