Bitcoin remains in a clear bearish structure in 2026, with price continuing to extend its decline after breaking below the corrective channel support near 71k. This breakdown confirmed that the recovery from the February lows was only a three-wave corrective move within a larger downtrend.
4H Chart – Impulsive Decline Developing
On the 4-hour chart, Bitcoin appears to be forming a five-wave impulsive decline, with wave (5) currently in progress. This final wave could extend downside momentum toward the 55k area, with the 50k region acting as a deeper and more significant support zone.
As long as the structure remains intact, the market continues to favor downside continuation. However, traders should watch for a potential wedge formation within wave (5), which could temporarily slow momentum before the final drop completes.
1H Chart – Intraday Correction in Wave (4)
On the 1-hour timeframe, BTCUSD is likely still developing wave (4) as a corrective structure. This may unfold as either a bearish triangle or a flat correction before the next impulsive move lower begins.
As long as price stays below the 62k invalidation level, the bearish intraday structure remains valid and suggests another downside leg in wave (5) is still ahead.
Outlook
- Trend: Bearish
- 4H structure: Wave (5) in progress
- 1H structure: Wave (4) correction
- Key downside targets: 55k → 50k
- Key invalidation: 62k
Overall, Bitcoin remains in a controlled bearish phase, with the final wave of the current sequence still likely to unfold to the downside.
Become a premium member
Get daily Elliott Wave updates for US Single Stocks, SP500,DAX, GOLD, SILVER, CRUDE, FX, CRYPTO, etc. or apply for unlimited access to the Elliot Wave educational videos.