After Trump said in the press conference, "Better go out and buy stocks now." The SPX500 index started pumping, and as I said in the ideas of the last few days, Bitcoin(
BTCUSDT)'s correlation with this index has increased. Bitcoin also started pumping.
Yesterday's Bitcoin pump succeeded in failing the Ascending Broadening Wedge Pattern, generally, if the reversal pattern fails, it will play a continuation role.
Bitcoin is moving between the Support zone($100,270-$97,700) and the Resistance zone($109,588-$105,865). The question is whether Bitcoin will touch the Support zone($100,270-$97,700) again and move towards the Resistance zone($109,588-$105,865) or will it continue its upward trend.
In terms of Elliott Wave theory, it seems that Bitcoin has completed microwave 3 of the main wave 5. We can expect an even Time Correction on Saturday and Sunday when trading volume is low. There is also a possibility that microwave 4 of the main wave 5 in Cumulative Long Liquidation Leverage($101,838-$101,432) will be completed.
One of the reasons I think we should wait for a correction is the USDT.D%(USDT.D) chart, which we used as a guide in previous ideas.
USDT.D% has reached Monthly Support(1) and a Heavy Support zone(4.73%-4.50%), which I believe is unlikely to be broken within in first attack, and I expect an increase to the Fibonacci lines on the chart.
I expect Bitcoin to start rising again after a correction.
Cumulative Short Liquidation Leverage: $105,114-$104,100
Note: If Bitcoin touches $97,500, we should expect further declines.
Please respect each other's ideas and express them politely if you agree or disagree.
Bitcoin Analyze (BTCUSDT), 2-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)'s correlation with this index has increased. Bitcoin also started pumping.Yesterday's Bitcoin pump succeeded in failing the Ascending Broadening Wedge Pattern, generally, if the reversal pattern fails, it will play a continuation role.
Bitcoin is moving between the Support zone($100,270-$97,700) and the Resistance zone($109,588-$105,865). The question is whether Bitcoin will touch the Support zone($100,270-$97,700) again and move towards the Resistance zone($109,588-$105,865) or will it continue its upward trend.
In terms of Elliott Wave theory, it seems that Bitcoin has completed microwave 3 of the main wave 5. We can expect an even Time Correction on Saturday and Sunday when trading volume is low. There is also a possibility that microwave 4 of the main wave 5 in Cumulative Long Liquidation Leverage($101,838-$101,432) will be completed.
One of the reasons I think we should wait for a correction is the USDT.D%(
USDT.D) chart, which we used as a guide in previous ideas.USDT.D% has reached Monthly Support(1) and a Heavy Support zone(4.73%-4.50%), which I believe is unlikely to be broken within in first attack, and I expect an increase to the Fibonacci lines on the chart.
I expect Bitcoin to start rising again after a correction.
Cumulative Short Liquidation Leverage: $105,114-$104,100
Note: If Bitcoin touches $97,500, we should expect further declines.
Please respect each other's ideas and express them politely if you agree or disagree.
Bitcoin Analyze (BTCUSDT), 2-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
Position was activated(Short Position)
Let's open a short position according to the 15-minute chart analysis, it seems that #Bitcoin has been forming a Double Three Correction(WXY) over the past 24 hours, the main wave 4 seems to have a Zigzag structure(ABC/5-3-5) so that WXY could be acting as the main wave B.
Note
You can transfer the Stop Loss(SL) to $103,620 = Risk FreeTake Profit(1): $102,733
Take Profit(2): $102,518
Trade closed manually
Risk Free was touched 
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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.