BTCUSD Bearish Elliott Wave Setup Signals Further DeclineBitcoinCRYPTO:BTCUSDBitcoinprofitableOn the BTC/USD 1H chart, the structure suggests a completed bullish cycle followed by a strong bearish impulse. Price appears to have finished a higher-degree wave near the marked “market truncation” resistance zone, where buying momentum weakened despite new highs. This is often a signal of exhaustion. After that peak, BTC formed a clear impulsive move downward, labeled as wave (1) through (5), confirming a shift in trend. The sharp drop indicates strong selling pressure, especially through wave (3), which is typically the strongest in Elliott Wave theory. The small bounce afterward suggests a corrective phase, likely forming an ABC pattern before continuation lower. The projected red path shows a temporary upward retracement (wave (2)) followed by another bearish leg (wave (3) of a larger degree). This aligns with the idea that the market has transitioned from accumulation/distribution into a markdown phase. Overall, the structure favors bearish continuation unless price breaks back above the previous resistance zone. Traders should remain cautious of short-term pullbacks but prioritize downside setups as long as lower highs continue forming. Entry & Exit Points: Entry (Sell): After corrective bounce (wave 2), around resistance zone Alternative Entry: Break below recent low (confirmation of wave 3) Stop Loss: Above recent swing high (wave 2 top) Take Profit 1: Previous low support zone Take Profit 2: Extended target near projected wave (3) completion Risk Tip: Avoid entering during strong pullback without confirmation