π― BTC Hit the Full Target β But This Rally May Be Nearing Exhaustion
bitcoin:native moved higher exactly as expected, broke through the $84,940β$85,460 Resistance Zone with strong momentum, and successfully reached the Full Target.
The CME Gap at $87,700β$87,825 still remains unfilled, so Bitcoin may have room for another push higher. However, this could potentially be the final bullish leg before a deeper correction.
The next major liquidity zones are $87,000β$87,840 and $88,950β$90,000, while the key Potential Reversal Zone (PRZ) sits at $88,760β$91,870.
β οΈ If Bitcoin reaches this PRZ and sellers react strongly, the probability of a deeper correction could increase significantly. The major downside liquidity zone remains at $81,900β$83,100.
The bullish move is still active β but the $88,760β$91,870 area could become the key turning point.
What comes first: π’ a move above $90K or π΄ a deeper correction?
bitcoin:native Tests Range Support β Can Bitcoin Finally Break Above $86,000?
Bitcoin has been trading between the Support and Resistance Zones for the past eight days, creating a range-bound market with no clear directional trend.
BTC is now testing the Support Zone, Cumulative Long Liquidation Leverage($83,000-$82,140), and the Support Lines.
From an Elliott Wave perspective, Bitcoin appears to be completing Primary Wave 4 as a Triple Three Correction(W-X-Y-X-Z).
I expect Bitcoin to start moving higher from the Support Lines and the key $83,540 trading level. A break above $84,100 could open the way toward the Cumulative Short Liquidation Leverage($85,000-$84,390).
If bullish momentum remains strong, the Resistance Zone could finally break, opening the way toward $85,430 and $87,180.
Stop Loss(SL): $82,400(Worst)
Can Bitcoin move back above $86,000 and finally break the eight-day range?