BTC/USD Elliott Wave Analysis: Wave (C) Declining Toward 77,800 After (B) Tops at 84,044
Bitcoin is in the final stages of a detailed W-X-Y correction from the major X high near 87,219. With the Y-wave’s (A) and (B) legs complete, Wave (C) is now declining within a clear descending channel. Here is the complete breakdown.
Elliott Wave Analysis: Where Is BTC/USD Right Now?
Critical Levels and Wave Count
The X High — 87,219:
Following a strong bullish advance from the major (ii) base near 62,470 — including Wave 3/(iii) hitting the 1.618 Fibonacci at 80,623 — Bitcoin peaked at X near 87,219, within a descending red channel visible on the EWPlans chart.
The W-X-Y Correction:
W wave: Completed near 79,694
X wave: Rallied to 87,219
Y wave (A-B-C):
(A) wave: Declined to approximately 79,694
(B) wave: Rallied to approximately 84,044
(C)/z wave — NOW ACTIVE: Declining from the (B) high
Current price at 82,170 reflects this decline, with the red arrow on the EWPlans chart mapping a path toward 77,800 after a short-term continuation move.
Why This Decline Matters
Bitcoin is moving within a well-defined descending channel from the X high. Wave (C) completing near 77,800 would represent the final leg of this corrective sequence.
Expected Scenario and Potential Moves
Current Phase — Wave (C) declining toward 77,800:
Bitcoin declines from current price 82,170 toward the 77,800 target.
Key structural reference points:
87,219: X high — major resistance
84,044: (B) wave high
82,170: Current price
81,255 / 80,308 / 79,694: Intermediate supports
77,800: Wave (C) primary target
74,913: Prior Wave 4 low — deeper structural reference
Strategic Perspective for Traders
1. The 77,800 zone is the key level to watch for Wave (C) completion.
2. BTC macro sentiment and DXY correlation remain primary variables.
3. A break below 77,800 would open the 74,913 zone as the next structural reference.
Conclusion — Follow Bitcoin’s Wave Structure With EWPlans
Bitcoin’s Wave (C) is declining toward 77,800 within the descending channel from the X high at 87,219.
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