Technical analysis by NewThoughtCrypto about Symbol BTC: Sell recommendation (8/25/2024)

Two scenarios for Bitcoin. Both options will result in lower prices in the short term. However, one is bullish, the other is bearish:My view is that the correction period is not over. I am intellectually honest enough to entertain both options, but I must be truthful with myself and you: I don’t think the Bull’s time has come. TLDR: The bulls have a chance as long as the price is above 60.3K.1. Bullish Scenario: According to this scenario, 49K was the end point of a wave 4 correction, and Bitcoin is about to complete wave 5. If this is the case, the target is between the 0.618 and 1:1 retracement. In numbers: 79.2K – 97.9K. Supporting evidence for the bullish scenario:A. HH on the daily TF.B. Bitcoin formed the cup of a Cup & Handle, which could lead to a breakout with a price target of 76.5K and the completion of the higher degree 5th wave. 2. Bearish Scenario: According to this scenario, Bitcoin is not done with the correction. Whether Bitcoin is a more extensive correction that will result in much lower prices or is still in wave 4 is irrelevant. Supporting Evidence for the Bearish Scenario:A. The PA has moved in three waves, ABC. A three-wave move is a corrective structure that continues the higher TF trend down. This is indicative of a shark harmonic with a target of 46.8K.B. The weekly TF structure is bearish and points to 45K. C. Bitcoin left wicks to the downside on the higher TFs. The daily week is between 49 - 54K. The weekly wick is between 59K and 58K. This kind of imbalance represents a liquidation opportunity for the MM. D. No accumulation period. A prolonged accumulation period at the lows must support any substantial price growth. A structure without a base is vulnerable. Validation and invalidation:A. Validation: Bitcoin consolidates above 60.3K, the cup and handle pattern is intact, and the bullish scenario is alive. B. Invalidation: Below 60.3K, the bullish case is unlikely. Below 56K, the bull case is indefensible.