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Today’s report will include:

Bitcoin Technical Analysis
Market Psychology
Trading Tools
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Bitcoin Local ABC Correction ?

Bitcoin is currently trading at a critical resistance level on the 4-hour time frame, an area with strong technical confluence. This resistance, sitting at $86,036, aligns with the 0.618 Fibonacci retracement, the high time frame level, and the previous lower time frame value area low. Given these factors, it stands as a significant level where price could face rejection, leading to an intraday pullback.

Over the past few days, Bitcoin found a local bottom, followed by a strong expansion into resistance. The structure of this move suggests an ABC correction, where wave A has completed, and wave B is currently testing resistance. If price fails to break above this level, a wave C expansion downward could unfold, completing the corrective structure.

Points to Consider

Key Resistance in Play – Bitcoin is facing strong confluence at $86,036, which could act as a pivot point for price action.
ABC Correction Structure – The market is likely completing a corrective pattern after a previous bullish Elliott wave expansion.
Break or Reject Scenario – A rejection at resistance favors a short setup, while sustained closes above resistance would invalidate the bearish case.

Market Outlook & Trade Considerations

The previous bullish Elliott wave structure has now shifted as price has set a new low, breaking the existing trend. This increases the probability that the current resistance level will hold, setting up a move lower into wave C. If this plays out, it would complete the ABC correction, potentially bringing price back toward previous liquidity zones.

Traders looking to engage with this setup should wait for confirmation through entry model triggers before shorting. The key invalidation level remains a high time frame close above resistance, which would suggest further upside strength and nullify the short thesis.

Overall, Bitcoin is at a critical decision point. A rejection here favors downside continuation, while a break above resistance could open the door for another bullish leg. Risk management remains essential in navigating this setup.

Hope this analysis helps.

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