Bitcoin is completing a bullish triangle (12H)
Since we marked the red arrow on the chart the price has entered a bearish phase
This phase appears to be a complex correction likely a double structure as we can observe an ABC plus X wave followed by a triangle formation
We are currently at the end of the second corrective wave with only one wave Wave E of this triangle remaining Once Wave E completes within the green zone the price may enter a bullish phase
In this scenario the recovery will only begin after the completion of Wave E This means that all movements from the current low until now have been part of corrective action and the bearish phase Therefore we can anticipate Bitcoins recovery target to reach around 106000 dollars
It is expected that the price will find support moving from the red zone toward the green zone after which stronger bullish movements could follow
Targets have been clearly marked on the chart for reference
Important A daily candle close below the invalidation level will negate this analysis and suggest a different market scenario
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This is not a trade setup, as it has no precise stop-loss, stop, or target. I do not publish my trade setups here.