Bitcoin (BTC/USD) on a monthly timeframe

Wave Structure:

The chart depicts a classic five-wave motive structure with the current price action situated in the final wave 5 (M). According to the Elliott Wave theory, wave 5 is typically the last upward move in a market cycle before a significant reversal.
Price Targets and Invalidation Levels:

The projected high for wave 5 extends to approximately $86,919.04.
An invalidation point at $93,131.19 is indicated. This level signifies a threshold where the wave count is no longer valid if the price exceeds this level.
The wave 4 low is highlighted at $31,827.16, serving as a crucial support level.
Breakout and BOS (Break of Structure):

A significant Break of Structure (BOS) at multiple points is marked on the chart, showing the transition from previous resistance to support.
A Bullish Order Block (1M) at $3,123.90 shows a region where strong buying interest emerged, marking a protected swing low in earlier waves.
BOS MSB (Market Structure Break) occurs at the $49,111.87 level, representing a shift from bearish to bullish market sentiment during the previous uptrend.
Market Phases:

The price action is categorized into phases like Mark-Up (M), where the market exhibits an upward trend. The Mark-Up in wave 3 is expected to breach the strong low of wave 4 and should "close above" the range to confirm the continuation of wave 5 formation.
The strong low of wave 4 is positioned at $31,827.16. This level holds significant importance as it serves as the base for the next bullish wave, aligning with the bullish continuation hypothesis.
Wave 5 Completion & Current Position:

The wave 5 (M), as per the analysis, is nearing completion. Price action indicates that the next price movement will either invalidate the current wave structure or confirm the wave 5’s top within the $73,800.27 to $86,919.04 range.
Weak High of a Range at $72,000 is noted as an intermediate resistance level. If the price breaches this, it suggests a new higher high for wave 5.
Bearish Scenarios and Order Blocks:

The chart highlights several bearish order blocks, such as the $3,123.90 zone, indicating where previous demand zones could act as potential support areas if the price corrects sharply.
The Sell-Side (M) scenario at wave 4 indicates the bearish pressure that pushed prices lower temporarily during that phase. A similar Sell-Side situation could arise if the current upward momentum fails to breach key resistance levels.
Risk Management and Stop Levels:

An ideal stop loss is recommended at the previous protected swing low before the uptrend resumes. This is part of a no money protected swing, as indicated at wave 2 and wave 4 lows.
The chart notes a Good Stop Loss around the swing low, which should be respected until the standard deviation (STD) hits.
Technical Summary:
Wave 1-5 Progression: The progression of Elliott Wave 1 through 5 is mapped meticulously, showing the upward impulsive waves (1, 3, 5) and corrective waves (2, 4). Currently, the chart anticipates the final upward move in wave 5.

Bullish Structure: The market structure is dominantly bullish, with successive higher highs and higher lows. However, risk management parameters are in place, with clear invalidation points for wave structures.

Key Levels to Watch:

Resistance Zones: $72,000, $86,919.04 (Wave 5 Target)
Support Zones: $31,827.16 (Wave 4 Low), $49,111.87 (BOS MSB)
Potential Reversal Points: The invalidation points ($93,131.19) and protected swing low areas signify critical areas for market participants to reassess positions if breached.