BTCUSD TECHNICAL ANALYSIS NOT SIGNALS JUST IDEA

This chart is a Bitcoin (BTC/USDT) 1-hour price analysis on Binance, published on TradingView. Here’s what it suggests:

1. Elliott Wave Analysis:

The chart follows Elliott Wave Theory, identifying a completed five-wave bullish sequence.

The price has likely reached a peak (Wave 5) and is now undergoing a correction.



2. Bearish Outlook:

A drop has already started, confirming the end of the impulse wave.

Fibonacci retracement levels are marked, showing potential support zones.

A blue arrow suggests further downside towards 94,327 - 93,880 USDT, indicating a likely support area.



3. Resistance and Support:

Resistance at 98,816 USDT (previous high).

Support levels around 94,327 USDT and 93,880 USDT.




Conclusion: The chart suggests a bearish correction before a possible reversal. If the price reaches the target support, traders may look for signs of reversal or further breakdown.