🚨The End of the Bitcoin Rally(💡Signs💡)🚨
Updated
👋Hi, everyone. I hope you had a great weekend.
🧐Today, I decided to answer the question of whether Bitcoin has reached the end of the Bullish Rally or not❗️❓
⏰To answer the above question, it is better to look at the Bitcoin chart in the higher time frames, such as daily, 2-day, or weekly.
🌐Bitcoin started to increase after the confirmation of ETFs, but it seems that the result of the news should NOT help Bitcoin anymore, because the reality is that no money has entered the market through companies and we have to wait for the approval of ETFs and then their implementation phase. So it seems that the cryptocurrency market has increased well so far with this news, although when the entry of ETFs is done, we can see more growth of Bitcoin (According to the news, the first ETF will be approved on January 8-10).
💡If we look at the 2-day chart of Bitcoin, we will realize that Bitcoin has been moving in an Ascending channel for more than a year.
💡Another interesting point is that the Pitchfork lines played the role of Support and Resistance very well on the Bitcoin chart so that every time a line breaks upwards, Bitcoin moves up to the upper bar.
🏃♂️Bitcoin is moving near the upper line of the Ascending Channel, one of the Pitchfork lines(0.618), and the 🔴Resistance zone($51,500_$45,340)🔴.
🌊In terms of Elliott wave theory, Bitcoin seems to have completed the second impulse wave 5 [although I expected Bitcoin to touch the 🔴Resistance zone($51,500_$45,340)🔴].
💡Also, we can see Regular Divergence(RD-) between two Consecutive Peaks.
💡If Bitcoin touches the price range of $34,000-$34,300, a large amount of LONG positions are exposed to the risk of liquidation, which is unfortunately attractive for exchanges.
💡One thing that can be said about Volume Trading is that, in general, the Volume Trading in the second five impulse waves is much less than the first five impulses ==Not a good sign for the continuation of the upward trend of Bitcoin.
💡Another sign that can confirm the decline of Bitcoin is the presence of 🔵6 CME Gaps🔵; according to my research, Bitcoin has never created more than 5-6 CME Gaps in one direction, and in the past, Bitcoin has either been in an upward trend or moved down and filled these CME Gaps.
💡In addition, Bitcoin's Dominance(BTC.D%) has approached the 🟡Price Reversal Zone(PRZ)🟡, which will indicate the decrease of Bitcoin's dominance in the Cryptocurrency market in the future.👇
🔔I expect that Bitcoin will NOT be able to go above $44,700 in the next days and will fall to the 🟢Support zone($39,000-$37,000)🟢 and fill the 🔵first CME Gap($40,325-$39,290)🔵 and then spend some time above the support zone. The news of the approval of the fund, if it happens in January, can give temporary growth to Bitcoin, but it seems that the correction will continue at least until the lower line of the ascending channel and the 🔵Second CME Gap($34,295-$34,160)🔵.
❗️⚠️Note⚠️❗️: I will try to update you in the lower time frame every day.
❗️⚠️Note⚠️❗️: An important point you should always remember is capital management and lack of greed.
Bitcoin Analyze ( BTCUSDT ), 2-Days 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 gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
🧐Today, I decided to answer the question of whether Bitcoin has reached the end of the Bullish Rally or not❗️❓
⏰To answer the above question, it is better to look at the Bitcoin chart in the higher time frames, such as daily, 2-day, or weekly.
🌐Bitcoin started to increase after the confirmation of ETFs, but it seems that the result of the news should NOT help Bitcoin anymore, because the reality is that no money has entered the market through companies and we have to wait for the approval of ETFs and then their implementation phase. So it seems that the cryptocurrency market has increased well so far with this news, although when the entry of ETFs is done, we can see more growth of Bitcoin (According to the news, the first ETF will be approved on January 8-10).
💡If we look at the 2-day chart of Bitcoin, we will realize that Bitcoin has been moving in an Ascending channel for more than a year.
💡Another interesting point is that the Pitchfork lines played the role of Support and Resistance very well on the Bitcoin chart so that every time a line breaks upwards, Bitcoin moves up to the upper bar.
🏃♂️Bitcoin is moving near the upper line of the Ascending Channel, one of the Pitchfork lines(0.618), and the 🔴Resistance zone($51,500_$45,340)🔴.
🌊In terms of Elliott wave theory, Bitcoin seems to have completed the second impulse wave 5 [although I expected Bitcoin to touch the 🔴Resistance zone($51,500_$45,340)🔴].
💡Also, we can see Regular Divergence(RD-) between two Consecutive Peaks.
💡If Bitcoin touches the price range of $34,000-$34,300, a large amount of LONG positions are exposed to the risk of liquidation, which is unfortunately attractive for exchanges.
💡One thing that can be said about Volume Trading is that, in general, the Volume Trading in the second five impulse waves is much less than the first five impulses ==Not a good sign for the continuation of the upward trend of Bitcoin.
💡Another sign that can confirm the decline of Bitcoin is the presence of 🔵6 CME Gaps🔵; according to my research, Bitcoin has never created more than 5-6 CME Gaps in one direction, and in the past, Bitcoin has either been in an upward trend or moved down and filled these CME Gaps.
💡In addition, Bitcoin's Dominance(BTC.D%) has approached the 🟡Price Reversal Zone(PRZ)🟡, which will indicate the decrease of Bitcoin's dominance in the Cryptocurrency market in the future.👇
🔔I expect that Bitcoin will NOT be able to go above $44,700 in the next days and will fall to the 🟢Support zone($39,000-$37,000)🟢 and fill the 🔵first CME Gap($40,325-$39,290)🔵 and then spend some time above the support zone. The news of the approval of the fund, if it happens in January, can give temporary growth to Bitcoin, but it seems that the correction will continue at least until the lower line of the ascending channel and the 🔵Second CME Gap($34,295-$34,160)🔵.
❗️⚠️Note⚠️❗️: I will try to update you in the lower time frame every day.
❗️⚠️Note⚠️❗️: An important point you should always remember is capital management and lack of greed.
Bitcoin Analyze ( BTCUSDT ), 2-Days 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 gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
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