Kraken's BTCUSD Futures Contract Eyes $51,110 Support
According to a TradingView post by user micchua0, the BTCUSD Single Collateral Futures Contract (Aug 2026) on Kraken is showing signs of a potential reversal. Since February 8, 2026, the market has been forming what appears to be the high probability wave c of wave 4, with an objective towards the support range of $51,110-$47,055.
The formation in question is based on a Reverse Head & Shoulder pattern, where the neckline break and subsequent rebound beneath it suggest further downside towards the $51,110 objective. Alternatively, if wave c takes precedence, where it projects 1.618 of wave 'a', the target would be $47,055.
The post also notes that if wave c is indeed the correct path, a 50% retracement for wave 4 at $47,055 could pose potential support.