Bitcoin / TetherUSShort
BTCUSD TECHNICAL ANALYSIS NOT SIGNALS JUST IDEA
This chart is a Bitcoin (BTC/USDT) 1-hour price analysis on Binance, published on TradingView. Here’s what it suggests:
1. Elliott Wave Analysis:
The chart follows Elliott Wave Theory, identifying a completed five-wave bullish sequence.
The price has likely reached a peak (Wave 5) and is now undergoing a correction.
2. Bearish Outlook:
A drop has already started, confirming the end of the impulse wave.
Fibonacci retracement levels are marked, showing potential support zones.
A blue arrow suggests further downside towards 94,327 - 93,880 USDT, indicating a likely support area.
3. Resistance and Support:
Resistance at 98,816 USDT (previous high).
Support levels around 94,327 USDT and 93,880 USDT.
Conclusion: The chart suggests a bearish correction before a possible reversal. If the price reaches the target support, traders may look for signs of reversal or further breakdown.
1. Elliott Wave Analysis:
The chart follows Elliott Wave Theory, identifying a completed five-wave bullish sequence.
The price has likely reached a peak (Wave 5) and is now undergoing a correction.
2. Bearish Outlook:
A drop has already started, confirming the end of the impulse wave.
Fibonacci retracement levels are marked, showing potential support zones.
A blue arrow suggests further downside towards 94,327 - 93,880 USDT, indicating a likely support area.
3. Resistance and Support:
Resistance at 98,816 USDT (previous high).
Support levels around 94,327 USDT and 93,880 USDT.
Conclusion: The chart suggests a bearish correction before a possible reversal. If the price reaches the target support, traders may look for signs of reversal or further breakdown.
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.