Analysis of the BTC/USD 4H chart. Exploring the completion of wave (4) Y (c) near 79,500 and the potential for a sharp corrective retracement toward major support zones.
As of April 23, 2026, Bitcoin is testing the nerves of traders worldwide. While the trend has been strongly bullish, our latest Elliott Wave count on the 4-hour chart suggests that we are at the tail end of a corrective recovery, specifically within the final sub-waves of wave (4).
Technical Breakdown: The Peak at 79,500 The price has reached a major resistance cluster defined by the upper boundary of an ascending channel.
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Wave Structure: The sequence labeled as (4) Y (c) indicates that the counter-trend rally is reaching exhaustion.
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The Fibonacci Factor: Previous tests near the 0.5 level (75,184) were breached, but the current momentum suggests a terminal move before a significant reversal.
The Road Ahead: Downward Projection The red arrow on our current analysis projects a sharp decline. This is typical for a new impulsive leg down following the completion of a complex corrective pattern.
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Support Targets: We will be monitoring the 64,000 - 66,000 area, which aligns with both previous structural support and the lower trendline of the current channel.
Strategic Conclusion: Traders should prioritize risk management in this zone. The proximity to the 80,000 psychological level combined with terminal Elliott Wave counts makes this a high-risk area for new long positions.