Analysis

Bitcoin rejected resistance at the upper boundary of a rising channel after a pullback within the broader uptrend and entered short at 76,804.0 now pointing lower toward the target at 68,720.08. The bearish bias holds while price remains below 82,433.28. A sustained move above 82,433.28 would invalidate the view and point to further gains.

The daily chart shows completion of wave W as a double zigzag consisting of subwaves (w)-(x)-(y) with a-b-c internal structures. This development favors the start of wave X lower toward the prior support area. The pattern remains valid only while price holds below the recent swing high.

Wave: X