Bitcoin(
BTCUSDT) has been moving up and down with high momentum over the past 24 hours and finally fell below the lower line of the ascending channel. Is this break of the lower line of the ascending channel valid?
Bitcoin is trading near the Resistance zone($105,100-$104,140), Cumulative Short Liquidation Leverage($104,478-$103,941). Since the volume of breaking of the lower line of the ascending channel is NOT high, the probability of a fake break is very high (in my opinion).
In terms of Elliott Wave theory, the structure of the main wave 4 seems to be an Expanding Flat(ABC/3-3-5). The main wave 5 could lead to the formation of a new All-Time High(ATH).
One of the reasons why I think we saw a Fake Break below the lower line of the ascending channel is that I think the S&P500 Index(
SPX) will trend upward, and given the high correlation between Bitcoin and S&P500 Index these days, we can expect Bitcoin to increase.
I expect Bitcoin to start rising again AFTER breaking the Resistance zone($105,100-$104,140) and touch the targets I have indicated on the chart.
Note: If Bitcoin touches $101,800, we can expect more dumps.
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) has been moving up and down with high momentum over the past 24 hours and finally fell below the lower line of the ascending channel. Is this break of the lower line of the ascending channel valid?Bitcoin is trading near the Resistance zone($105,100-$104,140), Cumulative Short Liquidation Leverage($104,478-$103,941). Since the volume of breaking of the lower line of the ascending channel is NOT high, the probability of a fake break is very high (in my opinion).
In terms of Elliott Wave theory, the structure of the main wave 4 seems to be an Expanding Flat(ABC/3-3-5). The main wave 5 could lead to the formation of a new All-Time High(ATH).
One of the reasons why I think we saw a Fake Break below the lower line of the ascending channel is that I think the S&P500 Index(
SPX) will trend upward, and given the high correlation between Bitcoin and S&P500 Index these days, we can expect Bitcoin to increase.I expect Bitcoin to start rising again AFTER breaking the Resistance zone($105,100-$104,140) and touch the targets I have indicated on the chart.
Note: If Bitcoin touches $101,800, we can expect more dumps.
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.
Trade active
Trade was activated after breaking the Resistance zone($105,100-$104,140)Note
If you open a Long position, you can transfer the Stop Loss(SL) to the Entry Point(EP) = Risk-FreeTrade closed manually
Risk Free was touched.Note
I opened another long Note
Again I closed long and opened short, small Profit.
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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.