Bitcoin analysis suggests that the resistance breakout indicates that wave (c) may be forming, however, the bears appear to be currently weak. This means that one should prepare to test the blue box, which represents the upper resistance, within wave (c) in yellow.

Key points:

1. Resistance breakout:

• Momentum shows that there is an increasing possibility of the bullish move continuing.

• The 1-2 setup scenario remains valid so far, which means that the current moves have not invalidated this hypothesis.

2. Prerequisite:

• If the recent low at $92,940 is broken, this scenario will fail, indicating that the general trend may change towards further declines.

Recommendation:

• Watch the resistance: Confirming the blue box breakout means the bullish scenario is complete.

• Stop losses at $92,940: Breaking this level makes the scenario invalid, which requires a revision of the trend.

This analysis is in line with the principles of Elliott Wave and relying on price action to determine future scenarios.