$BTC: Macro Long Setup in the Making

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$BTCUSD #bitcoin

Off the Aug’24 top BTC has produced an A down, B up, C down corrective structure, as we expected:

BTCUSD 240 min chart

I expect that decline to be followed by a new five wave up rally that can stretch up to 152,000:

BTCUSD 240 min chart

The key question is whether bears manage to re-test and possibly undershoot the low made by the evening panic drive spike we saw last Friday. The most bearish case I can see here is that we get another spiky move down to 100,000 and that spike gets bought out again and a new rally starts.

Let”s zoom in:

BTCUSD 15 min chart


There is a bullish scenario where we will not get a lower low. We can identify an attractive looking long (i) up, (ii) down setup that allows bulls to start a new rally.

Protective stop can be placed at 107,000.

Resistance 1 = 114,000.

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