🟢 Current Wave Structure
The chart shows a complex corrective structure that fits well within the Elliott Wave principle:
We are currently in a larger ABC correction, with the green-labeled wave (C) likely approaching completion.
The most recent move down in green (C) may have marked the end of a broader corrective cycle.
The current movement looks like a short-term ABC correction in red – typical for a corrective bounce after a strong sell-off.
🟥 Short-Term Movement (Red Wave A-B-C)
Within the lower timeframe, we can see a corrective recovery forming a red A-B-C structure:
Wave A (red) has already completed,
Wave B (red) is currently forming (sideways or slightly lower),
Wave C (red) could result in a final push upwards towards the green descending trendline – targeting around 138–142 USDT – unfolding as an internal orange A-B-C.
🟩 Key Trendline (Green)
The green descending trendline has been respected multiple times and acts as strong technical resistance.
⚠️ Scenario: A rejection from this level is highly likely and would mark the end of the current relief rally – completing the larger green wave (B).
🟧 Short Entry Zone
The orange Fibonacci zone around 142 USDT marks an ideal short setup area.
This level is confluence of Fibonacci extensions and previous resistance.
⚪ What’s Next?
After the orange wave C finishes (completing green wave (B)), I expect an impulsive move to the downside – likely unfolding as a classic 1-2-3-4-5 wave within the green wave (C).
Target zones:
First zone: ~108 USDT (highlighted by green/yellow/red Fibonacci extension),
Final bear target: Possible deep wick below due to the high volatility and liquidity in that zone.
✅ Key Support Zone (Green / Yellow / Red)
Around 108 USDT, we find a strong confluence support – labeled as End of Bears.
This zone may act as a potential reversal point, possibly kicking off a new bullish cycle with long-term targets reaching 200+ USDT.
The chart shows a complex corrective structure that fits well within the Elliott Wave principle:
We are currently in a larger ABC correction, with the green-labeled wave (C) likely approaching completion.
The most recent move down in green (C) may have marked the end of a broader corrective cycle.
The current movement looks like a short-term ABC correction in red – typical for a corrective bounce after a strong sell-off.
🟥 Short-Term Movement (Red Wave A-B-C)
Within the lower timeframe, we can see a corrective recovery forming a red A-B-C structure:
Wave A (red) has already completed,
Wave B (red) is currently forming (sideways or slightly lower),
Wave C (red) could result in a final push upwards towards the green descending trendline – targeting around 138–142 USDT – unfolding as an internal orange A-B-C.
🟩 Key Trendline (Green)
The green descending trendline has been respected multiple times and acts as strong technical resistance.
⚠️ Scenario: A rejection from this level is highly likely and would mark the end of the current relief rally – completing the larger green wave (B).
🟧 Short Entry Zone
The orange Fibonacci zone around 142 USDT marks an ideal short setup area.
This level is confluence of Fibonacci extensions and previous resistance.
⚪ What’s Next?
After the orange wave C finishes (completing green wave (B)), I expect an impulsive move to the downside – likely unfolding as a classic 1-2-3-4-5 wave within the green wave (C).
Target zones:
First zone: ~108 USDT (highlighted by green/yellow/red Fibonacci extension),
Final bear target: Possible deep wick below due to the high volatility and liquidity in that zone.
✅ Key Support Zone (Green / Yellow / Red)
Around 108 USDT, we find a strong confluence support – labeled as End of Bears.
This zone may act as a potential reversal point, possibly kicking off a new bullish cycle with long-term targets reaching 200+ USDT.
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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.