BTC/USDT TECHNICAL ANALYSIS 1HOUR CHART TIME FRAME CHECK CAPTAIN

This chart represents a technical analysis of Bitcoin (BTC/USDT) on the 1-hour timeframe from Binance, using Elliott Wave Theory and resistance zones. Here’s what it indicates:

1. Elliott Wave Analysis: The chart shows a completed five-wave impulse move to the downside, labeled (1) to (5). This suggests a bearish trend.


2. Resistance Zone: The blue shaded area represents a resistance zone around $97,000, which was previously a support level and now acts as resistance.


3. Current Price Action: BTC is retracing upwards, forming a corrective pattern (potential ABC wave) after the five-wave decline.


4. Expected Movement: The black arrow suggests a potential rejection at the resistance zone, leading to another downward move.



Interpretation:

If BTC fails to break the resistance, it may confirm a continuation of the bearish trend.

If BTC breaks above the resistance convincingly, it could invalidate the bearish setup and push higher.


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