$BTCUSD - Deeper correction is possible
Hi guys! 👋🏻
🔔 Bitcoin lost 10K in value in a week after announcements from the SEC and the bill signed by the US President Mr. Biden
🔔 The 4-Hour Bitcoin chart looks very bullish, MACD and RSI indicators signal an upcoming short-term trend reversal. However, this reversal will firstly be interfered by a strong resistance at $62700. If Bitcoin does close above $62700 to continue the bull run it must close above a critical distribution zone at $65600 and $66100.
🔔 The daily BTC chart shows that more steeper correction is to be expected. Bitcoin after a retest of its new ATH at $69000 closed below April’s dynamic resistance. Price action of October 27, 2021 until the 69K was squishy, every impulse was followed by a strong correction. Hence, the uptrend of October 28 most likely was an expanded B-wave of Elliot’s Wave theory. If that is the case, then according to the rules, Bitcoin must complete another leg down to complete the C-wave and the correction.
🔔 The C-wave is most likely to be completed at levels near $52800 and $51600, where Bitcoin will reach the previous impulse’s resistance to test it as support and will retest the dynamic support of July 21, 2021. This retest will also reset MACD and RSI indicators to buy signalling areas.
🔔 Historically, November was Bitcoin's favorite month based on Bitcoin's monthly gains, hence a retest of levels above 60K is possible.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
🔔 Bitcoin lost 10K in value in a week after announcements from the SEC and the bill signed by the US President Mr. Biden
🔔 The 4-Hour Bitcoin chart looks very bullish, MACD and RSI indicators signal an upcoming short-term trend reversal. However, this reversal will firstly be interfered by a strong resistance at $62700. If Bitcoin does close above $62700 to continue the bull run it must close above a critical distribution zone at $65600 and $66100.
🔔 The daily BTC chart shows that more steeper correction is to be expected. Bitcoin after a retest of its new ATH at $69000 closed below April’s dynamic resistance. Price action of October 27, 2021 until the 69K was squishy, every impulse was followed by a strong correction. Hence, the uptrend of October 28 most likely was an expanded B-wave of Elliot’s Wave theory. If that is the case, then according to the rules, Bitcoin must complete another leg down to complete the C-wave and the correction.
🔔 The C-wave is most likely to be completed at levels near $52800 and $51600, where Bitcoin will reach the previous impulse’s resistance to test it as support and will retest the dynamic support of July 21, 2021. This retest will also reset MACD and RSI indicators to buy signalling areas.
🔔 Historically, November was Bitcoin's favorite month based on Bitcoin's monthly gains, hence a retest of levels above 60K is possible.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
Nothing is true, everything is permitted.
_________________________________
🤖 Get 20% fee cashback on CoinW with this link - coinw.com/frontweb/invitePublicity?r=azizelliott
_________________________________
🤖 Get 20% fee cashback on CoinW with this link - coinw.com/frontweb/invitePublicity?r=azizelliott
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.