Bitcoin / TetherUS
Short
Updated

Bitcoin at Key Resistance – Will Bears Take Control?

5 577
Bitcoin(BTCUSDT) started to rise as I expected in the previous posts.

Bitcoin is moving near the Resistance zone($87,100_$85,800), the upper line of the Ascending Channel, and the Time Reversal Zone(TRZ).

In terms of Elliott Wave theory, Bitcoin appears to be completing microwave C of the main wave Y.

Also, we can see the Regular Divergence(RD-) between Consecutive Peaks.

I expect Bitcoin to start declining from the Resistance zone($87,100_$85,800) again, the first target could be $83,400 and the second target can be the CME Gap($80,760_$80,380) filling.

Note: If Bitcoin breaks the Resistance zone($87,100_$85,800) we can expect more pumps.

This analysis is in line with the following analysis that I shared with you on the weekly timeframe.👇

Critical zone for Bitcoin – Pump or Dump!(Mid-term Analysis)

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Bitcoin Analyze (BTCUSDT), 1-hour time frame.

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Trade active
Trade was activated (We saw small fake break)
Trade closed: target reached
snapshot

First Target Done, TRZ worked well too.

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