Bitcoin: the rally ends as a decline towards $75000 begins.

On the four-hour timeframe, Bitcoin has completed a five-wave upward impulse. This move featured an extended third wave, followed by a wave 4 correction and the final wave 5.

A parallel channel was drawn to identify a potential completion area for the impulse. Its lower boundary connects the lows of waves 2 and 4. When the third wave is extended, the parallel line can be drawn through the high of wave 1 to provide a reference for the completion of wave 5.

As a result, wave 5 ended near the upper boundary of the parallel channel, after which price began to decline. This supports treating the preceding upward impulse as complete.
A significant support area has formed around $75 000–76 000. This zone is also important because it contains the completion areas of two previous fourth waves.

In Elliott Wave analysis, the areas of previous fourth waves often serve as reference points for a subsequent move in the opposite direction.

If the decline continues, the $75 000–76 000 range is therefore the first target area.