Bitcoin completed a five wave decline on the four hour chart and is testing resistance at $74,250, according to technical analysis shared by Man of Bitcoin and ChiefraT on X. The five wave pattern signals a possible short term trend shift after BTC dropped from a recent high near $82,750. Man of Bitcoin identified key resistance between $77,486 and $80,501 for a potential wave two retracement, while ChiefraT noted that a break above $74,250 could open a path toward $76,050 to $76,150. Bitcoin found support around the low $70,000s after the decline, with Fibonacci levels marking nearby zones at $72,920, $71,579, $71,284, and $69,906. The technical setup uses Elliott Wave theory to map potential corrective bounces and continuation patterns following the completed five wave structure.
Bitcoin Completes Five Wave Decline on Four Hour Chart
Man of Bitcoin shared a four hour chart showing Bitcoin's completion of a five wave decline from the recent high near $82,750. The analyst stated this pattern provides the first sign that the short term trend may have shifted lower. BTC broke below a rising structure before forming the five wave move down.
The chart marks key resistance for a possible wave two retracement between $77,486 and $80,501. Man of Bitcoin noted there is no confirmation yet that the retracement has started. Bitcoin moved toward a support cluster around the low $70,000s after the decline. The chart shows Fibonacci levels at $72,920, $71,579, $71,284, and $69,906 as nearby support zones.
The analyst identified deeper downside levels at $64,974 and $60,223 if sellers maintain control. Man of Bitcoin stated wave two has not been confirmed, leaving Bitcoin in a waiting phase. Traders are watching whether BTC bounces toward the $77,486–$80,501 resistance zone or continues lower from the current support area.
Bitcoin Tests $74,250 Resistance on One Hour Chart
ChiefraT shared a one hour chart showing Bitcoin pushing toward short term resistance near $74,250. The analyst stated BTC could start a recovery if price breaks above that level. The next upside target sits between $76,050 and $76,150.
The chart shows Bitcoin recovering after forming a short term base near $72,750. BTC tested that support several times before bouncing toward the resistance zone at $74,250. ChiefraT identified this level as the first key barrier. A move above it would show buyers gaining control after the recent drop.
If Bitcoin clears $74,250, the chart points to a possible move toward the dashed resistance area near $76,098 to $76,178. A rejection from $74,250 would keep price below resistance and could send it back toward support near $72,750. The setup depends on whether Bitcoin breaks above the resistance zone and holds it as support.
FAQ
What resistance levels did analysts identify for Bitcoin?
Man of Bitcoin identified key resistance between $77,486 and $80,501 for a potential wave two retracement on the four hour chart. ChiefraT noted short term resistance at $74,250 on the one hour chart, with a recovery target between $76,050 and $76,150 if that level breaks.
What support levels are marked on Bitcoin's chart?
Bitcoin found support around the low $70,000s after the five wave decline. The four hour chart shows Fibonacci levels at $72,920, $71,579, $71,284, and $69,906 as nearby support zones. The one hour chart identifies $72,750 as a short term support base that BTC tested multiple times before bouncing.
