Bitcoin / TetherUSShort
BTC/USDT TECHNICAL ANALYSIS 1HOUR CHART TIME FRAME CHECK CAPTAIN
This chart represents a technical analysis of Bitcoin (BTC/USDT) on the 1-hour timeframe from Binance, using Elliott Wave Theory and resistance zones. Here’s what it indicates:
1. Elliott Wave Analysis: The chart shows a completed five-wave impulse move to the downside, labeled (1) to (5). This suggests a bearish trend.
2. Resistance Zone: The blue shaded area represents a resistance zone around $97,000, which was previously a support level and now acts as resistance.
3. Current Price Action: BTC is retracing upwards, forming a corrective pattern (potential ABC wave) after the five-wave decline.
4. Expected Movement: The black arrow suggests a potential rejection at the resistance zone, leading to another downward move.
Interpretation:
If BTC fails to break the resistance, it may confirm a continuation of the bearish trend.
If BTC breaks above the resistance convincingly, it could invalidate the bearish setup and push higher.
Would you like a deeper analysis or trade idea based on this?
1. Elliott Wave Analysis: The chart shows a completed five-wave impulse move to the downside, labeled (1) to (5). This suggests a bearish trend.
2. Resistance Zone: The blue shaded area represents a resistance zone around $97,000, which was previously a support level and now acts as resistance.
3. Current Price Action: BTC is retracing upwards, forming a corrective pattern (potential ABC wave) after the five-wave decline.
4. Expected Movement: The black arrow suggests a potential rejection at the resistance zone, leading to another downward move.
Interpretation:
If BTC fails to break the resistance, it may confirm a continuation of the bearish trend.
If BTC breaks above the resistance convincingly, it could invalidate the bearish setup and push higher.
Would you like a deeper analysis or trade idea based on this?
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.