BTCUSD 4H Elliott Wave Ascending Channel Breakdown SetupBitcoin / U.S. dollarBITSTAMP:BTCUSDBitcoinprofitableThe BTCUSD 4H chart shows a complex Elliott Wave structure forming within a broad ascending channel. Price previously completed a large corrective phase labeled W–X–Y, indicating a prolonged consolidation after a strong bearish move. Currently, the market is developing a new impulsive structure upward, forming a smaller-degree wave sequence (W)-(X)-(Y) inside the channel. The recent bullish momentum suggests price is pushing toward the upper channel resistance, potentially completing wave (Z). This area aligns with a key resistance zone, where liquidity is likely resting. The projected path (blue line) shows a final push upward to sweep liquidity before a sharp bearish reversal. This behavior is typical in Elliott Wave endings, especially in complex corrections. If wave (Z) completes near the upper boundary, it could signal the end of the corrective structure and the beginning of a strong impulsive move downward. The large blue arrow indicates a potential drop toward the lower channel support, targeting previous demand zones. Entry Points: Sell Entry: Near upper channel resistance after bearish confirmation (rejection candle or divergence). Buy Entry (short-term): On pullbacks within the minor uptrend before wave (Z) completes. Exit Points: Take Profit (Sell): Near 65,000–66,000 support zone. Stop Loss: Above the recent high or channel breakout. Buy Exit: Before resistance or at completion of smaller wave structure.