11/18/2025
π Bitcoin Technical Chart Analysis β Support Test & Elliott Wave Outlook
Bitcoin is currently trading near a major support zone between $93,200 and $87,340, interacting with key horizontal levels as well as the lower boundary of the descending channel. Price action is showing signs of compression, and the next move may confirm whether this support holds or breaks.
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π Elliott Wave Perspective
Based on Elliott Wave Theory:
Bitcoin appears to be completing Wave 5 of the current cycle.
Wave 3 was extended, which increases the probability that Wave 5 may end near current support or slightly below.
A potential reversal region aligns with the Cumulative Short Liquidation Leverage zone ($92,869β$91,763) and the lower trendline of the descending channel, suggesting a bounce may form here.
However, fake breakouts are possible before Wave 5 completes, so traders should remain cautious of rapid downside momentum.
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π Key Support Zones
Primary Support Zone: $93,200 β $87,340
CME Gap: $92,525 β $91,415
Short Liquidation Cluster: $92,869 β $91,763
A sweep into these areas may fuel a liquidity-driven reversal.
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π Upside Targets (If Support Holds)
1. Target 1: $95,297
Near the upper boundary of the descending channel
2. Target 2: $96,831
Close to liquidity buildup and minor resistance
These targets may shift as the market structure evolves.
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π Risk Management
Stop Loss (SL): $89,600
A break and close below this level may invalidate the bullish setup and indicate continuation of the downtrend.
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π₯ Cumulative Long Liquidation Zone
$98,338 β $96,913
If Bitcoin breaks above $97kβ$98k, a short squeeze toward this zone becomes highly possible.
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π Macro & Correlation Notes
Bitcoin has shown high correlation with the S&P 500 (SPX) recently.
If SPX continues to drop, Bitcoin may follow the same trajectory.
Ongoing geopolitical tensions between the U.S. and Venezuela could generate volatility across risk assets, including crypto.
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π Summary
Bitcoin is at a critical support point while completing a potential Elliott Wave 5. A bounce is likely from the liquidity zones, but a strong downturn or fake breakout cannot be ruled out. Close monitoring of SPX and global macro trends is essential.