BTC After a 3% Drop: Range, Triangle, and the Next Resistance ZoBitcoin / TetherUSBINANCE:BTCUSDTTrader_Gemini Summary: BTC dropped around 3% after losing the previous support area and is now bouncing. The key question is whether this is a recovery setup or only a bounce inside a broader correction. For now, I do not think this is a place to force a strong directional bias. The structure looks more like a corrective range or triangle-type consolidation. Market structure: There are two main structures visible on the chart. The first is the orange horizontal range. This suggests that BTC may be moving inside a sideways structure. The second is the blue triangle-type structure. Both structures can be interpreted as corrective patterns from an Elliott Wave perspective. That means the market may still be in a complex correction rather than a clean trend. Premium and discount: In ICT terms, I am using the middle of the horizontal range as the main reference. The dashed orange midline is the key level. Below that line, price can be viewed as discount. Above that line, price moves into premium. If BTC is still ranging, the simple approach is to look for long opportunities near discount areas and consider taking profit or short setups near premium areas. Key resistance: The red box is my expected resistance zone. If BTC continues to bounce into that area, I will watch the reaction closely. This does not mean I will short immediately just because price enters the red box. The zone only gives the area to watch. The actual setup depends on candle reaction, volume, RSI divergence, and wave structure. Trading view: For now, the strategy is simple. Buy near the lower side of the range. Sell or reduce risk near the upper side or resistance. Avoid forcing trades in the middle. If BTC reclaims and holds above the range midline, the upper blue trendline can become the next upside target. If price rejects from the red resistance box, then the bounce may remain only a corrective move. Conclusion: BTC is bouncing after a 3% drop, but the structure is still not fully clear. The current market may be forming a horizontal range or triangle-type correction. Because of that, I prefer focusing on risk/reward rather than prediction. The red box is the expected resistance zone. The reaction there will be more important than the zone itself. This is a market structure analysis, not financial advice.