🟢 Macro Structure Since November 2022
Since the bottom in November 2022 (~15.5K), Bitcoin has been unfolding a clean impulsive structure, counted as:
(1) – strong breakout from the bear market lows
(2) – corrective pullback as a base
(3) – major impulsive rally with clear volume expansion
(4) – textbook correction right into the white Fibonacci zone, perfectly respected
Now, we are in Wave (5) – the final leg of this larger impulse!
🔄 Internal Structure of (4) → (5)
From the low of wave (4), the price action is developing in a classic 1-2-3-4-5 formation, where:
Wave 1 initiated the breakout
Wave 2 formed a shallow pullback
Wave 3 surged with momentum and volume
Wave 4 seems to have completed (or is finalizing now)
BTCUSD
Wave 5 is upcoming, potentially unfolding as an ABC structure (rather than a straight-line spike), showing a more measured grind toward the top
🔁 Cycle-Level Perspective
This entire impulse from (1) to (5) forms a macro Wave ③ in the larger Elliott Wave cycle.
Given the structure of Wave (5) so far, we may not see a vertical blow-off top but rather a controlled ABC move into the top zone.
🎯 Target Zone for Wave ③
$127,000 – $136,000
Based on Fibonacci projections of waves (1)–(3)
Strong psychological levels
Likely confluence with macro channel resistance and long-term projections
✅ Conclusion
Bitcoin is currently progressing through Wave (5) of the macro impulse that started in late 2022. The structure from Wave (4) suggests a well-organized path forward – possibly forming an ABC structure into the final high of macro Wave ③, with targets in the $127K–$136K zone. This level could mark a major turning point before a deeper corrective phase begins.
Since the bottom in November 2022 (~15.5K), Bitcoin has been unfolding a clean impulsive structure, counted as:
(1) – strong breakout from the bear market lows
(2) – corrective pullback as a base
(3) – major impulsive rally with clear volume expansion
(4) – textbook correction right into the white Fibonacci zone, perfectly respected
Now, we are in Wave (5) – the final leg of this larger impulse!
🔄 Internal Structure of (4) → (5)
From the low of wave (4), the price action is developing in a classic 1-2-3-4-5 formation, where:
Wave 1 initiated the breakout
Wave 2 formed a shallow pullback
Wave 3 surged with momentum and volume
Wave 4 seems to have completed (or is finalizing now)
BTCUSD Wave 5 is upcoming, potentially unfolding as an ABC structure (rather than a straight-line spike), showing a more measured grind toward the top
🔁 Cycle-Level Perspective
This entire impulse from (1) to (5) forms a macro Wave ③ in the larger Elliott Wave cycle.
Given the structure of Wave (5) so far, we may not see a vertical blow-off top but rather a controlled ABC move into the top zone.
🎯 Target Zone for Wave ③
$127,000 – $136,000
Based on Fibonacci projections of waves (1)–(3)
Strong psychological levels
Likely confluence with macro channel resistance and long-term projections
✅ Conclusion
Bitcoin is currently progressing through Wave (5) of the macro impulse that started in late 2022. The structure from Wave (4) suggests a well-organized path forward – possibly forming an ABC structure into the final high of macro Wave ③, with targets in the $127K–$136K zone. This level could mark a major turning point before a deeper corrective phase begins.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.