Bitcoin Analysis—Bulls vs Bears—Who Will Win This Battle!?
As I expected in the previous post, Bitcoin(
BTCUSDT) attacked the Support zone($96,520-$95,720) and 100_SMA(Daily) but started to rise again. The increase in the last few hours has NOT been accompanied by high volume so far.
Bitcoin is moving in the Resistance zone($100,520-$97,200) and near the Potential Reversal Zone(PRZ), the upper lines of the Falling Wege Pattern, the Monthly Pivot Point, and 50_SMA(Daily).
According to the theory of Elliott waves, Bitcoin seems to have succeeded in completing the Expanding Flat(ABC/3-3-5) near the upper lines of the Falling Wege Pattern. If Bitcoin goes above $99,200, this wave count will expire.
Educational tip: If you cut the falling wedge pattern exactly in half, you will notice that most of the candles are in the lower half, and whenever Bitcoin hits the upper lines, it starts to fall immediately, which means that the power of sellers is more than buyers. Although the wedge pattern is a bullish pattern, we cannot expect an increase until the upper line is validly broken.
I expect Bitcoin to re-attack the 100_SMA(Daily) and Support zone($96,520-$95,720) in the coming hours, and if it breaks, it will also attack the lower line of the falling wedge pattern.
Note: If Bitcoin breaks the upper lines of the falling wedge pattern in huge volumes, we should most likely wait for the break of the Resistance zone($100,520-$97,200). However, the main resistance of Bitcoin is the $107,000 range.
Note: If Bitcoin manages to break the lower line of the falling wedge pattern and 100_SMA(Daily), we should wait for Bitcoin to attack the Heavy Support zone($93,300-$90,500) and Support lines.
Which scenario do you think will happen to Bitcoin?
Please respect each other's ideas and express them politely if you agree or disagree.
Bitcoin Analyze (BTCUSDT), 1-hour time frame.
Be sure to follow the updated ideas.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
BTCUSDT) attacked the Support zone($96,520-$95,720) and 100_SMA(Daily) but started to rise again. The increase in the last few hours has NOT been accompanied by high volume so far.Bitcoin is moving in the Resistance zone($100,520-$97,200) and near the Potential Reversal Zone(PRZ), the upper lines of the Falling Wege Pattern, the Monthly Pivot Point, and 50_SMA(Daily).
According to the theory of Elliott waves, Bitcoin seems to have succeeded in completing the Expanding Flat(ABC/3-3-5) near the upper lines of the Falling Wege Pattern. If Bitcoin goes above $99,200, this wave count will expire.
Educational tip: If you cut the falling wedge pattern exactly in half, you will notice that most of the candles are in the lower half, and whenever Bitcoin hits the upper lines, it starts to fall immediately, which means that the power of sellers is more than buyers. Although the wedge pattern is a bullish pattern, we cannot expect an increase until the upper line is validly broken.
I expect Bitcoin to re-attack the 100_SMA(Daily) and Support zone($96,520-$95,720) in the coming hours, and if it breaks, it will also attack the lower line of the falling wedge pattern.
Note: If Bitcoin breaks the upper lines of the falling wedge pattern in huge volumes, we should most likely wait for the break of the Resistance zone($100,520-$97,200). However, the main resistance of Bitcoin is the $107,000 range.
Note: If Bitcoin manages to break the lower line of the falling wedge pattern and 100_SMA(Daily), we should wait for Bitcoin to attack the Heavy Support zone($93,300-$90,500) and Support lines.
Which scenario do you think will happen to Bitcoin?
Please respect each other's ideas and express them politely if you agree or disagree.
Bitcoin Analyze (BTCUSDT), 1-hour time frame.
Be sure to follow the updated ideas.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Trade active
Trade was activated.
PRZ worked well.
Maybe if you only paid attention to the wedge pattern, you would have entered a long position after the upper line broke, but you should consider all the analytical items.
Trade closed: target reached
First Target DoneNote
Full Target Done
After the publication of the US indices(Core CPI m/m_CPI m/m_CPI y/y)
Of course, technical analysis worked well.
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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.
👑Real & Accurcy Free & VIP Signals👉 t.me/ProTrader_365
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
🎁Get a 20% Bonus & 30% Discount on LBANK exchange(NO KYC)👉lbank.one/join/uBythQd
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
🎁Get a 20% Bonus & 30% Discount on LBANK exchange(NO KYC)👉lbank.one/join/uBythQd
Related publications
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.