🔎 Detailed Technical Analysis
This chart displays a full 5-wave impulsive Elliott structure ending in an expanding wedge, a classic sign of exhaustion. After peaking near $493, the price broke the primary bullish channel and began a significant ABC corrective wave.
🧱 Why Renko? Filter Out the Noise
Renko charts remove candle noise and highlight pure price movement, making it easier to identify major structures and key levels with precision.
📉 Corrective Structure and Forecast
✅ Wave 5 completed inside a strong resistance zone ($493.68).
🔻 Channel break confirms structural weakness and trend shift.
🔁 Currently forming a complex ABC correction, with wave B unfolding and wave C yet to develop.
📌 Key Support Zones to Watch
🟠 $400.44 – Confluence of a 3-month support zone + 50% daily Fibonacci retracement.
🔵 $370.56 – The 61.8% Fibonacci level, a high-probability target for the end of wave C.
Both areas are prime for potential institutional buying and trend reversal.
🎯 Technical Outlook
Price action suggests the bearish bias remains until the corrective structure completes. The $370–$400 range could provide a high-quality long entry opportunity if a bullish reversal confirms.
🧭 Action Plan (Not Financial Advice)
Watch for failure near $493 to reinforce bearish setup.
Monitor volume and structure near $400 / $370.
Reversal patterns in this zone could trigger a new impulsive leg up.
📣 What’s your take?
Are we still inside wave B, or has wave C already started?
This chart displays a full 5-wave impulsive Elliott structure ending in an expanding wedge, a classic sign of exhaustion. After peaking near $493, the price broke the primary bullish channel and began a significant ABC corrective wave.
🧱 Why Renko? Filter Out the Noise
Renko charts remove candle noise and highlight pure price movement, making it easier to identify major structures and key levels with precision.
📉 Corrective Structure and Forecast
✅ Wave 5 completed inside a strong resistance zone ($493.68).
🔻 Channel break confirms structural weakness and trend shift.
🔁 Currently forming a complex ABC correction, with wave B unfolding and wave C yet to develop.
📌 Key Support Zones to Watch
🟠 $400.44 – Confluence of a 3-month support zone + 50% daily Fibonacci retracement.
🔵 $370.56 – The 61.8% Fibonacci level, a high-probability target for the end of wave C.
Both areas are prime for potential institutional buying and trend reversal.
🎯 Technical Outlook
Price action suggests the bearish bias remains until the corrective structure completes. The $370–$400 range could provide a high-quality long entry opportunity if a bullish reversal confirms.
🧭 Action Plan (Not Financial Advice)
Watch for failure near $493 to reinforce bearish setup.
Monitor volume and structure near $400 / $370.
Reversal patterns in this zone could trigger a new impulsive leg up.
📣 What’s your take?
Are we still inside wave B, or has wave C already started?
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.