BTC POTENTIAL SELL SETUP TOWARDS 56K

Bitcoin is presenting Bearish structure for a potential pullback towards the 56k area and below. I have targets at 56,500 and 55,000. Looking to add more long positions once price shows validation of this current level.

- A 5 count wave reversal pattern was printed which proceed with heavy bearish momentum down towards 56,800. Printing the April Monthly low. Price has shown some support since then, but price is showing me an effort to revisit that low.
-The first thing I noticed the bearish reaction to price from the 13extension level from the Fibonacci sequence drawn. Price showed heaved rejection around 59k then made the most recent attempt to close above. It succeeded to open and close above but was then immediately rejected back down by the Bearish selling power.
- I have identified a Elliot Wave correction that has validated sequences 1-4, I am waiting on a slight pullback to confirm the Supplied high printing a Lower High. I also have another Fib lined up with the wave sequence and I am planning on entering on the break of the 50% zone around 54,800.

My style of trading uses Market Structure, Price Action, Fibonacci, Wave Sequences, Moving Averages, and a mixture of Multi Time Frame Confluence. Most importantly the visual realization of emotions cycled into the chart.


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Also, feel free to share your opinion on this setup or other setups that you have. The more ideas we can generate together, the more informative these ideas become for newer traders. STAY PATIENT & STAY BLESSED!
~T$