1. Current Status:
$BTC bounced from $92,000 to $99,000, providing temporary hope to investors.
However, the chart suggests that this is likely a corrective move, not a reversal.
2. Wave Analysis:
The chart highlights a "brutal impulse wave" labeled 1-2-3-4-5, indicating the beginning of a potential downtrend.
3. Fibonacci Levels:
Fibonacci retracement levels are marked, suggesting potential price targets, with significant levels around $91,409, $89,578, and $86,913.
These levels align with support zones and corrective patterns.
4. Support Zone:
The $85,000 level is labeled as extremely strong support, coinciding with the start of the Fair Value Gap (FVG) on the daily chart.
5. Moving Averages:
The 100 and 200-hour moving averages are indicated, with the price currently below both, hinting at bearish momentum.
6. Projection:
A possible scenario is outlined where the price completes the "B" corrective wave and moves toward the "C" wave, potentially hitting lower Fibonacci extension levels.