Technical analysis by afurs1 about Symbol BTC: Buy recommendation (8/1/2025)

Following a failure to maintain support at several critical technical levels, Bitcoin now appears vulnerable to a potential decline toward the ~$111,000 region. This projection is derived from an Elliott Wave corrective structure identified as a WXY Double Combination. The initial leg of the pattern features an ABC correction terminating near the 0.618 Fibonacci extension, thereby establishing the W pivot. This is succeeded by the X pivot, followed by a sharp, impulsive decline forming the Y wave. By applying a trend-based Fibonacci extension across the W, X, and Y pivots, we can estimate the probable termination point of the corrective sequence—typically extending into the 1.0 to 1.1 Fibonacci range. This move is anticipated to unfold over the weekend, potentially presenting a strategic buying opportunity, contingent on a favorable reaction at the projected low. Sunday evening may offer optimal conditions for entry, as traditional market participants—limited to weekday trading—could miss the initial dip, subsequently being compelled to re-enter at elevated price levels.clear downtrend so far, waiting to see if the market reacts tomorrow evening when futures openInto the level , looking for a bounce in this zone as we hit a low approx $111,800. I am also aware of this breakout pullbackIdeally, a sign of strength would be breaking above 114k.Looking nice, would like to see 117k reclaimed as a sign of strengthLooks nice so far, would be great to hit the POC now at approx $117,900Some strong resistance here at the vwap, would be aware of this potential short tradeWill be locking in profits on all long trades now and looking to hedge further. I will be aware of a potential breakdown regardless as price can retrace and still be bullish. Should new opportunities materialize I would be interested in compound trades on pullbacks and hedge short trades using profits.