Bitcoin [BTC]: Failed Cycle Signal - You've Been Warned.
Michael Pizzino
Market Analysis
The current market is showing signs of weakness, with a potential double top in play.
- Total market cap is still above $3.37 trillion, a key support level.
- Bitcoin is technically strong above $99,000, but short-term trends are bearish.
- A breakdown below $99,000 could lead to a retest of range lows beneath $90,000.
Elliott Wave Analysis
The Elliott Wave count suggests that the market is in a wave four correction, with a potential wave five to come.
- The yellow count represents the current bull market cycle.
- The red count represents crypto's entire history.
- A breakdown of the wave four correction could lead to a failed attempt at a rally, indicating that the top is already in.
Key Levels to Watch
- $3.37 trillion: total market cap support level
- $99,000: Bitcoin support level
- $107,000: Bitcoin lower top
- $100,000: psychological level for Bitcoin
Conclusion
The market is currently showing signs of weakness, but it's still above key support levels. A breakdown below these levels could lead to a larger correction. The Elliott Wave count suggests that the market is in a wave four correction, with a potential wave five to come.