BTC Full Analysis in Daily TimeframeHello Traders, here is the full analysis for Bitcoin in a daily time frame, Let me know in the comment section below if you have any questions. I suggest you keep this analysis on your watch list and see what will happen and will my tragedy prove!!!
Today I want to talk about BTCUSD
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Before that, I want to remember It's not financial advice.
I'm just sharing my view and opinion of the chart. Please see and think about that. The situation is so complicated.
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As seen on the chart I used the Fibonacci channel to explain simple. I active special lines, for example, I introduce you 0.5 as mid-line,1 for the top of the first channel, and 0 for the low of the channel.
Although 2 is the top of the second channel line,1.5 is the mid-line of the second channel, and so on.
I used 2 purple circles as the tops of the channel and used one green circle to draw Fibonacci channel lines. That's all.
So, let's check it out on the chart together.
As you see the price reacted to these channel lines. sometimes prices do not touch the channel lines, but if you change the chart from line chart to candle-stick, you will see that prices always touch these lines because the prices are so respectful of these Fibonacci lines.
Let's not go into details.
As we expected the price reacted to the second Line. I drew a red circle to see better this reaction. And then the price goes up. But it's temporary and the drop again.
I will show you more things based on Elliot's theory to understand what's happening in Bitcoin. So, don't worry Guys.
Also, I drew 6 green zones. The first one is very important because if the price loses this zone, we will drop more to the second green zone.
If we lose the second zone, the next support zone will be active.
I expect we lose the first, Second, third, and 4th support zones soon.
I think the best zone to think to buy Bitcoin is beginning on the 8K. I will do this. It means I will buy Bitcoin at the price of 8500 for the first level.
The next zone is around 6500 and the final zone is 4500 to buy and Hold Bitcoin until 2030.
It's just my vision. it might 6th zone never ever touches the price. But based on my analysis of USDT.D and BTC.D and DXY, everything is possible.
I will publish my analysis about DXY, and USDT.D soon.
But if the price loses the second support zone everything will be difficult and the situation will be changed. And we will see more pressure in the Crypto market.
This causes a big drop in the market, which, as you know, can lead to a FUD in the market. so I expect we lose the second support zone at around 18000-18500 USD and move to 8000 USD for the first level zone.
The next analysis belongs to the weekly Time frame based on Elliot waves. I will show you everything you need to know.
By the way, I think this correction will be ended in April 2024.
Please like, follow, share, and comment if you enjoy this Idea, Also share your ideas and charts in the comments.
Wish you health and wealth.
Sincerely Yours
Ho3ein.mnD
