BTC/USDT Weekly update 10.07.2024
📌 Trading Instrument: 📌
🔶 BTC/USDT 🔶
📝 Detailed Market Overview: 📝
Bitcoin has finally reached a key confluence zone around the 0.61-0.65 Fibonacci retracement levels. At the moment, BTC is showing signs of bearish divergence on the 1-hour timeframe, and a similar pattern is forming on the 4-hour timeframe. Such divergences are typically seen at the end of waves, indicating a potential reversal is approaching.
The current price structure appears corrective, with Wave B being characterized by a sideways abcde pattern, which is commonly observed during Wave B or Wave 4 of a larger trend. However, given the overall market context, it’s more likely that this is a Wave B scenario, as a Wave 4 doesn’t fit the current wave count.
Now, Bitcoin seems to be completing the last Wave C of this corrective structure, which would mark the end of this short-term bullish bounce within the larger bearish trend. Rejection is expected within the next 1-2 hours, unless BTC breaks above $66,000. As long as this level holds, the swing-term trend remains bearish.
Additionally, the entire corrective bounce has been supported by a diagonal trendline, which is currently acting as a key support level. A break below this diagonal trendline would confirm that the top is in, signaling a bearish reversal on lower timeframes. This would align with the broader bearish market trend, and we could see Bitcoin targeting $58,000 as the first key support, with a potential to drop as low as $47,000 in the coming weeks.
🔍 Bearish Signals:
Bearish divergences on the 1H and 4H timeframes.
A potential Wave C completion within the corrective structure.
Key support trendline is at risk of breaking.
🎯 Bearish Targets:
If confirmed, the downside targets include:
$58,000
$47,000
💡 Bullish Case:
If BTC breaks above 66k it will be confrimation its going to break ATH!
⚠️ Disclaimer: 🚫 This is not financial advice. Always trade responsibly and conduct your own research. 🚫
🔶 BTC/USDT 🔶
📝 Detailed Market Overview: 📝
Bitcoin has finally reached a key confluence zone around the 0.61-0.65 Fibonacci retracement levels. At the moment, BTC is showing signs of bearish divergence on the 1-hour timeframe, and a similar pattern is forming on the 4-hour timeframe. Such divergences are typically seen at the end of waves, indicating a potential reversal is approaching.
The current price structure appears corrective, with Wave B being characterized by a sideways abcde pattern, which is commonly observed during Wave B or Wave 4 of a larger trend. However, given the overall market context, it’s more likely that this is a Wave B scenario, as a Wave 4 doesn’t fit the current wave count.
Now, Bitcoin seems to be completing the last Wave C of this corrective structure, which would mark the end of this short-term bullish bounce within the larger bearish trend. Rejection is expected within the next 1-2 hours, unless BTC breaks above $66,000. As long as this level holds, the swing-term trend remains bearish.
Additionally, the entire corrective bounce has been supported by a diagonal trendline, which is currently acting as a key support level. A break below this diagonal trendline would confirm that the top is in, signaling a bearish reversal on lower timeframes. This would align with the broader bearish market trend, and we could see Bitcoin targeting $58,000 as the first key support, with a potential to drop as low as $47,000 in the coming weeks.
🔍 Bearish Signals:
Bearish divergences on the 1H and 4H timeframes.
A potential Wave C completion within the corrective structure.
Key support trendline is at risk of breaking.
🎯 Bearish Targets:
If confirmed, the downside targets include:
$58,000
$47,000
💡 Bullish Case:
If BTC breaks above 66k it will be confrimation its going to break ATH!
⚠️ Disclaimer: 🚫 This is not financial advice. Always trade responsibly and conduct your own research. 🚫
Trade closed manually
Closed trade at 59.8k
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.