Bitcoin➡️Low volume📊 ➕ Heavy resistance zone🔴 ➕ Wave count🌊
Updated
Hi everyone👋(Reading time less than 3 minutes⏰).
First of all, I must say that the financial markets always have surprises for us, so we should not be disappointed and stick to our principles, observe the important points of trading, including capital management, and most importantly, trading psychology, do not make emotional decisions and follow your strategy (even simple) enter and exit🔁.
After moving in a range for about 1 month, Bitcoin broke this range to the top yesterday. Now you might ask yourself if it is time for Bitcoin to fly to the 🌘moon🌘 or not❗️❓
Let's take a look at the news in the cryptocurrency market. Is there more good news than bad news❗️❓
In my opinion, there is no good news in the market; if you remember when Bitcoin started growing from the range of $ 28,000 and reached $ 69,000, the good news was still the rumor of paying with Bitcoin in Amazon, the controversial interview of Elon Musk and the Bitcoin ETF (in the range of $ 44,000 ) contributed a lot to the growth of Bitcoin, but now there are mostly bad news in the market, the Binance and the Luna_FTX cases, the release of Mt.Gox Bitcoins, etc. Of course, a series of on-chain factors show us the signs of Bitcoin's growth.
I tried to have an overview of the important events of these few months; maybe they will give you a better view in the continuation of the analysis.
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Technical analysis
Bitcoin is moving in the 🔴heavy resistance zone ($ 32,400-$ 28,120)🔴, and as I said in previous posts, I personally do not expect this resistance zone to be broken with one test, and we need at least a correction and the formation of a major pivot in the daily time frame.
Also, the growth of Bitcoin after the range area of the last month has not been impressive, and we can see the Regular Divergence(RD-) between price and Volume & RSI indicators in the chart.👇
According to the theory of Elliott waves, Bitcoin is in the main wave 5, so that microwave 1 of the main wave 5 is bigger (It happens less often) than all the waves.
I expect Bitcoin to start falling after rising to the 🟡Price Reversal Zone(PRZ)🟡 and the upper line of the ascending channel to fill the 🔵CME GAP($ 28,720-$ 28,265)🔵.
Bitcoin Analyze ( BTCUSDT ), 4-hour time frame ⏰.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy, this is just my Idea, and I will be glad to see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
First of all, I must say that the financial markets always have surprises for us, so we should not be disappointed and stick to our principles, observe the important points of trading, including capital management, and most importantly, trading psychology, do not make emotional decisions and follow your strategy (even simple) enter and exit🔁.
After moving in a range for about 1 month, Bitcoin broke this range to the top yesterday. Now you might ask yourself if it is time for Bitcoin to fly to the 🌘moon🌘 or not❗️❓
Let's take a look at the news in the cryptocurrency market. Is there more good news than bad news❗️❓
In my opinion, there is no good news in the market; if you remember when Bitcoin started growing from the range of $ 28,000 and reached $ 69,000, the good news was still the rumor of paying with Bitcoin in Amazon, the controversial interview of Elon Musk and the Bitcoin ETF (in the range of $ 44,000 ) contributed a lot to the growth of Bitcoin, but now there are mostly bad news in the market, the Binance and the Luna_FTX cases, the release of Mt.Gox Bitcoins, etc. Of course, a series of on-chain factors show us the signs of Bitcoin's growth.
I tried to have an overview of the important events of these few months; maybe they will give you a better view in the continuation of the analysis.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Technical analysis
Bitcoin is moving in the 🔴heavy resistance zone ($ 32,400-$ 28,120)🔴, and as I said in previous posts, I personally do not expect this resistance zone to be broken with one test, and we need at least a correction and the formation of a major pivot in the daily time frame.
Also, the growth of Bitcoin after the range area of the last month has not been impressive, and we can see the Regular Divergence(RD-) between price and Volume & RSI indicators in the chart.👇
According to the theory of Elliott waves, Bitcoin is in the main wave 5, so that microwave 1 of the main wave 5 is bigger (It happens less often) than all the waves.
I expect Bitcoin to start falling after rising to the 🟡Price Reversal Zone(PRZ)🟡 and the upper line of the ascending channel to fill the 🔵CME GAP($ 28,720-$ 28,265)🔵.
Bitcoin Analyze ( BTCUSDT ), 4-hour time frame ⏰.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy, this is just my Idea, and I will be glad to see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Note
What is your idea my friends❗️❓Note
Time frame = 15min
Trade active
Note
Bitcoin breaks the support zone and the middle line👇
Note
Bitcoin runs Descending Channel within an Ascending Channel!!!▶️
Trade closed: target reached
Note
PRZ Worked very well.I will publish new waves soon.
Note
Bitcoin Road map.
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