Bitcoin(
BTCUSDT) started to fall yesterday after forming a new All-Time High(ATH) with high volume, but started to rise again. One of the reasons for Bitcoin’s sudden drop yesterday was the sharp drop in the S&P 500(
SPX) index.
First of all, I must say that Bitcoin’s situation is a bit complicated and difficult to analyze, so pay more attention to money management. Be prepared for any scenario.
Bitcoin is trading above the Resistance zone($109,588-$105,820) and near the Resistance lines and Cumulative Short Liquidation Leverage($113,020-$111,833). What is worrying is that the break of the Resistance zone($109,588-$105,820) was NOT accompanied by high volume, suggesting a bull trap is possible.
I see a correction to at least Cumulative Long Liquidation Leverage($109,972-$108,609) given the low breakout volume for Bitcoin and the large sell orders in the upper prices for Bitcoin.
--------------------------------------------
Today, the Flash PMI data from the U.S. came in stronger than expected:
Flash Manufacturing PMI: 52.3 (vs. forecast 49.9, previous 50.2)
Flash Services PMI: 52.3 (vs. forecast 51.0, previous 50.8)
Analysis:
Both numbers exceeded expectations, signaling stronger economic activity in the U.S. This is bullish for the USD(
DXY) and could put short-term downward pressure on Bitcoin, as it lowers the chances of near-term Fed rate cuts.
--------------------------------------------
Do you think Bitcoin is completing a Bull Trap or should we expect Bitcoin to increase further?
Note: If Bitcoin breaks above $114,500 with high momentum, we can expect Bitcoin to rise to near $119,000.
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 a 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) started to fall yesterday after forming a new All-Time High(ATH) with high volume, but started to rise again. One of the reasons for Bitcoin’s sudden drop yesterday was the sharp drop in the S&P 500(SPX) index.First of all, I must say that Bitcoin’s situation is a bit complicated and difficult to analyze, so pay more attention to money management. Be prepared for any scenario.
Bitcoin is trading above the Resistance zone($109,588-$105,820) and near the Resistance lines and Cumulative Short Liquidation Leverage($113,020-$111,833). What is worrying is that the break of the Resistance zone($109,588-$105,820) was NOT accompanied by high volume, suggesting a bull trap is possible.
I see a correction to at least Cumulative Long Liquidation Leverage($109,972-$108,609) given the low breakout volume for Bitcoin and the large sell orders in the upper prices for Bitcoin.
--------------------------------------------
Today, the Flash PMI data from the U.S. came in stronger than expected:
Flash Manufacturing PMI: 52.3 (vs. forecast 49.9, previous 50.2)
Flash Services PMI: 52.3 (vs. forecast 51.0, previous 50.8)
Analysis:
Both numbers exceeded expectations, signaling stronger economic activity in the U.S. This is bullish for the USD(
DXY) and could put short-term downward pressure on Bitcoin, as it lowers the chances of near-term Fed rate cuts.--------------------------------------------
Do you think Bitcoin is completing a Bull Trap or should we expect Bitcoin to increase further?
Note: If Bitcoin breaks above $114,500 with high momentum, we can expect Bitcoin to rise to near $119,000.
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 a 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.
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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.
🎁Welcome than a 50% bonus(Low Spread)👉vtm.pro/Y3AV7r
🎁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.